JORDANIAN EXPAT REMITTANCES REACH $1.5 BILLION END OF MAY

AMMAN, July 11 (NNN-PETRA) — Remittances of Jordanian expatriates rose by 1.5 percent at the end of May this year standing at $1.5 billion, according to the Central Bank of Jordan (CBJ).

CBJ figures showed that remittances of Jordanians abroad rose by 17 million at the end of May 2017 compared to the same period of 2016.

Economists consider increased remittances from Jordanians working abroad in the first five months of this year as “positive” and “natural”.

With the majority of Jordanians abroad working in oil-rich Gulf countries, analysts noted that the increase in cash transfers was closely related to CBJ measures.

Analyst and columnist at Al Rai daily Issam Qadamani said that the transfers increased as a result of a raise in the interest rate twice this year, which has encouraged expats to deposit.

The interest rate increase will continue to enhance confidence in the Jordanian Dinar, Qadamani said.

However, the government has to work on encouraging expats to invest their money rather than leaving it in the bank, in order to stimulate the national economy, he noted.

The total value of remittances of Jordanians abroad reached around JD2.68 billion last year, according to the CBJ.

Official figures estimate the number of Jordanian expatriates at around 750,000, the majority of whom lives in the Gulf states.

Over 300,000 Jordanian workers, mostly professionals and skilled labourers, are based in Saudi Arabia, followed by the UAE, with nearly 200,000 people, according to the CBJ.

Source: NAM News Network

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