Banking sector contributes over 50% to local economy — JCC

(File photo: Jordan News)
AMMAN — Representative of the financial and banking sector at the Jordan Chamber of Commerce (JCC) Firas Sultan said on Monday that the sector contributes more than 50 percent of capital and volume of work to the national economy, according to Al-Mamlaka TV.اضافة اعلان

Sultan added that the financial and banking sector, which includes 320 companies operating across Jordan, is the main driver of economic growth and provider of financing for various economic activities.

According to Sultan, the banking sector is clearly developing its business model and keeping pace with technological developments, which makes it the focus of foreign investors’ attention.

He stressed that the prudent monetary policies pursued by the CBJ reflected positively on the financial and banking sector, especially in terms of stabilizing the dinar exchange rate, and providing a stockpile of foreign currencies, currently estimated at more than $18 billion.

Sultan said that banks, insurance companies, financial leasing, financial services, financial and exchange services, financial intermediaries, financial investments and insurance brokers all come under the umbrella of the banking and financial sector.

He said there is a noticeable improvement in the exchange rates of the dinar against foreign currencies, especially the euro and the pound sterling, which could lead to a reduction in costs of imports from European countries, a reduction of the Kingdom’s balance of trade deficit, and a decrease in commodity prices in the local market.

Sultan stressed that the remittances of Jordanians working abroad are an important contributor to the national economy, adding that during the past eight months of this year they reached $2.251 billion, compared to $2.238 billion for the same period last year.

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