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

(MENAFN- Jordan Times) AMMAN - Representative of the financial and banking sector at the Jordan Chamber of Commerce (JCC) Firas Sultan said remittances from Jordanians abroad increased by 14.3 per cent during the first half of this year to reach $2.496 billion,

Sultan noted that the growth as a "positive" indicator of continued foreign currency inflows into the Kingdom and the resulting increase in financial and economic activity.

The rise in remittances from Jordanians working abroad reflects "growing" financial inflows into the Kingdom and is contributing to increased economic and commercial activity, as well as positively impacting the exchange. The Jordan News Agency, Petra, reported.

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 JCC's Second Vice President, noted that the economic impact of remittances also extends to trade and local markets by strengthening the purchasing power of beneficiary households and increasing spending on goods and services. This 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 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.

Noting 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.

The Central Bank of Jordan's (CBJ) efforts were part in the impact, through the development and regulation of the exchange sector and enhancement of 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 emphasised 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, Petra reported.

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