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