Jordanian Expats' Remittances Drive Increased Demand for Dinar Ahead of Eid - Jordan News
Jordanian Expats' Remittances Drive Increased Demand for Dinar Ahead of Eid Firas Sultan, the representative of the financial and banking sector at the Jordan Chamber of Commerce, confirmed a noticeable surge in demand for the Jordanian dinar at local exchange companies ahead of Eid al-Adha and the summer season. اضافة اعلان Sultan attributed this uptick to a significant increase in remittances from Jordanian expatriates, which typically double during festive periods to support their families during the holiday. This results in a higher conversion of foreign currencies into dinars. He emphasized that these remittances are a key source of foreign currency for the local market and directly contribute to strengthening monetary reserves, while also boosting the purchasing power of Jordanian households—especially as they prepare for Eid. According to data from the Central Bank of Jordan, remittances from Jordanians abroad rose by 3% in the first quarter of this year, reaching $889 million. Sultan also noted that the return of thousands of Jordanian expats to spend the Eid holiday in the Kingdom, along with increased tourism activity, further drives demand for the dinar. He stressed the importance of this financial activity in supporting the national economic cycle. He praised the Central Bank's prudent monetary policy and its role in maintaining confidence in the local currency, highlighting ongoing communication between the Chamber and the Bank to address challenges faced by the sector.
—(Petra)
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