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Premier Appoints New Central Bank Chairman

May 21, 1989

AMMAN, Jordan (AP) _ Premier Zeid Bin Shaker on Saturday appointed Mohammed Saeed Nabulsi as head of the government’s Central Bank, the official Jordan news agency reported.

It said Nabulsi replaced Hussein Kassem, who held the post since 1985.

There have been numerous administrative changes since riots forced the resignation of Prime Minister Zaid Rifai on April 26. Protesters blamed Rifai for the kingdom’s mounting economic problems.

Jordan ran up a $6 billion foreign debt over the past decade and as part of an austerity package adopted by Rifai’s administration prices of essential commodities increased by 20 to 50 percent.

Anti-price riots followed. King Hussein blamed the economic crisis on what he called the failure of oil-rich Arab states to provide promised financial aid.

Nabulsi was governor of the Central Bank from 1973-85 and resigned when Rifai took office in 1985.

He was the finance minister in 1972-73. After leaving the Central Bank he served as an adviser to the International Monetary Fund for three years.

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