Jordan Chamber of Commerce representative for the financial and banking sector Firas Sultan said the increase in remittances from Jordanians working abroad during the first half of this year reflects growing financial inflows into the Kingdom and supports economic and commercial activity, while also having a positive impact on the money exchange sector.
Sultan said remittances from Jordanians abroad rose by 14.3% during the first half of the year to reach $2.496 billion, describing the increase as a positive indicator of continued foreign-currency inflows into the Kingdom and the resulting financial and economic activity.
He added that 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 boosting transfers in the local market.
Sultan noted that the economic impact of remittances extends beyond the exchange sector to trade and local markets by strengthening the purchasing power of beneficiary households and increasing spending on goods and services, supporting various commercial and service activities connected to the domestic market.
He said remittances provide households with financial inflows that help them meet their various needs, while part of the funds is directed toward saving and investment, further strengthening their contribution to economic and financial activity in the Kingdom.
Sultan pointed out that the growth in remittances reflects the continued contribution of Jordanians working abroad to the national economy by transferring part of their income to the Kingdom, benefiting recipient households as well as markets and various economic sectors.
He also praised the development of Jordan’s money exchange sector and the advanced level reached by exchange companies in terms of service diversity, speed of transfers and the availability of modern payment and transfer methods. He said 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.
Sultan further commended the efforts of the Central Bank of Jordan in developing and regulating the exchange sector and enhancing the efficiency of the financial-transfer system. He said the measures and developments in the sector have improved service quality and strengthened security and confidence in money-transfer operations in line with rapid developments in the financial and banking sector.
He stressed that exchange companies are an important part of Jordan’s financial-services system, playing an active role in facilitating the movement of funds and remittances, as well as supporting financial transactions linked to trade and economic activity.
Sultan said the growth in remittances is a positive indicator of increased financial inflows into the Kingdom and contributes to stronger liquidity and commercial activity, benefiting multiple economic sectors and providing additional momentum to the economic cycle.
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