Jordanian Expatriate Remittances Rise 14.3% In H1, Boosting Economic Activity

Amman, Aug. 28 (Petra)-- Representative of the financial and banking sector at the Jordan Chamber of Commerce Firas Sultan said the rise in remittances from Jordanians working abroad during the first half of this year reflects growing financial inflows into the Kingdom and is contributing to increased economic and commercial activity, as well as positively impacting the exchange sector.

Speaking to the Jordan News Agency (Petra), Sultan said remittances from Jordanians abroad increased by 14.3 percent during the first half of this year to reach $2.496 billion, describing the growth as a positive indicator of continued foreign currency inflows into the Kingdom and the resulting increase in financial and economic activity.

He said remittances represent an important source of foreign currency and directly contribute to the activity of exchange companies, which handle part of money-transfer operations, thereby increasing the volume of financial transactions and stimulating money transfers in the local market.

Sultan, who also serves as the Chamber's Second Vice President, noted that the economic impact of remittances is not limited to the exchange sector but extends to trade and local markets by strengthening the purchasing power of beneficiary households and increasing spending on goods and services. This, he said, supports various commercial and service activities linked to the domestic market.

He explained that remittances provide households with financial inflows that help them meet their various needs, while part of the funds is directed toward savings and investment, further enhancing their contribution to economic and financial activity in the Kingdom.

Sultan said the growth in remittances reflects the continued contribution of Jordanians working abroad to the national economy by transferring part of their earnings to Jordan, benefiting recipient households and supporting activity across local markets and various economic sectors.

He praised the development of Jordan's exchange sector and the advanced level reached by exchange companies in terms of diversifying services, speeding up money transfers and providing modern payment and remittance methods.

Sultan stressed that these developments have strengthened the sector's ability to keep pace with the growth in financial transfers and efficiently meet the needs of citizens and residents.

He also commended the Central Bank of Jordan's efforts to develop and regulate the exchange sector and enhance the efficiency of the Kingdom's financial transfer system. He said the measures and developments introduced in the sector have helped improve the quality of services, while strengthening the security and confidence of money-transfer operations in line with rapid developments in the financial and banking sectors.

Sultan emphasized that exchange companies constitute an important part of the Kingdom's financial services system and play an active role in facilitating the movement of funds and remittances, in addition to contributing to financial transactions associated with trade and economic activity.

He concluded that the growth in remittances is a positive indicator of increased financial inflows into the Kingdom and contributes to higher liquidity and commercial activity, benefiting multiple economic sectors and injecting further momentum into the national economic cycle.

//Petra// MF

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