Amman – The local market is witnessing exceptionally strong demand for the Jordanian dinar at exchange companies, extending a trend of elevated demand that has persisted for years, according to industry representatives who spoke to Al-Ghad.
اضافة اعلان
They attributed the growing demand for the dinar to several factors, including the beginning of the return of Jordanian expatriates to spend their annual vacations in the Kingdom, increased domestic tourism activity, and the partial recovery of foreign tourism.
Industry representatives expect demand for the dinar to reach even higher levels in the coming weeks as more expatriates return home, social event seasons intensify, and foreign tourism is expected to resume more broadly following the cessation of conflict in the region.
Regarding exchange rates, the selling price of the Saudi riyal stood at 18.81 piasters, while the UAE dirham was selling at 19.30 piasters. The Egyptian pound was trading at 1.5 piasters.
The selling price of the U.S. dollar in the local market reached 70.85 piasters, while the euro was selling at 80.5 piasters and the Turkish lira at 1.65 piasters.
There are approximately 250 exchange companies and branches operating throughout the Kingdom, employing around 4,000 Jordanian workers.
Firas Sultan, representative of the financial and banking sector at the Jordan Chamber of Commerce, said there is extremely strong demand for the Jordanian dinar at exchange companies in the local market.
Sultan attributed the increase in demand to the return of expatriates to the Kingdom, continued remittance activity by Jordanians working abroad, the recent revival of tourism, as well as the acceleration of economic activity and national exports.
It is worth noting that remittances from Jordanians working abroad increased by approximately 13.3% during the first four months of the current year compared with the same period last year, reaching $1.6 billion.
Sultan explained that strong demand for the dinar carries several positive economic indicators, most notably the resilience of Jordan’s financial and banking sector as a result of the Central Bank’s prudent monetary policies. He added that currency stability also encourages investment decisions, as investors generally place significant importance on the stability of national currencies.
For his part, exchange sector investor Alaa Deiranieh confirmed the exceptionally high demand for the dinar at exchange companies, describing it as a continuation of the strong demand trend witnessed over recent years.
Deiranieh said that the increase in demand is primarily driven by the return of expatriates for their annual vacations, along with stronger domestic tourism activity.
He noted that Jordan possesses a broad and advanced service sector, making it well-positioned to attract all forms of tourism, including religious, historical, recreational, adventure, and medical tourism. Tourism activity, he said, plays a major role in strengthening demand for the dinar, expressing optimism about the recovery of international tourism in the coming period.
Another investor in the sector, Naeem Masharbeh, agreed that demand for the dinar has been increasing in the local market, estimating that demand has risen by around 20% over the past two weeks.
Masharbeh expects demand to reach even higher levels in the coming weeks as more expatriates return home, social events increase, and foreign tourism resumes following the end of regional hostilities.
He added that demand for foreign currencies remains within its normal seasonal range, noting that the strongest demand is currently concentrated on the Saudi riyal, UAE dirham, Egyptian pound, Turkish lira, and the euro.
