Latest news with #AdelSharkas
Arab News
11-05-2025
- Business
- Arab News
Jordan's exports to GAFTA countries rise 12.2%
RIYADH: Jordan's exports to countries in the Greater Arab Free Trade Area rose 12.2 percent year on year to 515 million Jordanian dinars ($726 million) by the end of February, amid strong demand for key goods. According to official statistics reported by the Jordan News Agency, or Petra, the rise from 459 million dinars in the same period of 2024 was driven by increased shipments of fertilizers, medicines, and fresh and frozen agricultural products. Additional contributors included skincare items, food preparations, and furniture, as well as fabrics, garments, and other goods. The latest trade data aligns with broader optimism about Jordan's economic outlook, with Central Bank Governor Adel Sharkas saying in March that the country's economy is projected to grow 2.7 percent in 2025, accelerating to 3.5 percent in the medium term. 'Foreign trade data from the Department of Statistics (DoS), monitored by 'Petra,' showed a decline in the Kingdom's (Jordan's) trade deficit with the GAFTA countries for the same period, reaching JD348 million, compared to JD369 million against last year,' the Petra report stated. Established in January 2005, GAFTA operates as an economic alliance with the objective of promoting trade and economic unity among Arab nations. Comprising 18 member states, GAFTA is dedicated to bolstering regional trade by lowering customs tariffs. GAFTA imports into Jordan also climbed, rising 4.2 percent to 863 million dinars from 828 million dinars, bringing the total trade volume to 1.37 billion dinars—up from 1.28 billion dinars a year earlier. Jordan's imports primarily include crude oil and its derivatives, jewelry, and food products. Other major import categories are plastic items, titanium dioxide, and polyethylene, as well as polystyrene, iron, and various other goods. Saudi Arabia remained Jordan's top regional trade partner, accounting for 141 million dinars in exports — a 6.8 percent rise—and 519 million dinars in imports, resulting in a bilateral deficit of 378 million dinars. Iraq followed with 136 million dinars in Jordanian exports, up 15.3 percent, while trade with Syria surged to 35 million dinars — a 483.3 percent jump from the previous year. In March, Sharkas shed light on how inflation in Jordan reached 2.2 percent in the first two months of this year and is expected to stabilize at 2 percent for 2025.
Zawya
10-04-2025
- Business
- Zawya
Jordan: Foreign reserves reach $22.02bln, covering 8.5 months of imports
AMMAN: Jordan's foreign reserves stood at $22.02 billion at the end of March, according to figures released by the Central Bank of Jordan (CBJ) on Wednesday. The reserves are sufficient to cover the Kingdom's imports of goods and services for about 8.5 months, a level considered 'comfortable' by international standards, according to the data reported by the Jordan News Agency, Petra. CBJ Governor Adel Sharkas in February noted that foreign exchange reserves exceeded $21 billion at the end of 2024, dollarisation fell to 18.4 per cent, and inflation went down to 1.6 per cent in 2024 and is expected to remain around 2 per cent in 2025. © Copyright The Jordan Times. All rights reserved. Provided by SyndiGate Media Inc. (
Zawya
19-03-2025
- Business
- Zawya
Jordan's economic growth is expected to rise to 2.7% this year, says CBJ Governor
AMMAN: Central Bank of Jordan (CBJ) Governor Adel Sharkas said that that the partnership between the government and the banking sector constitutes a key pillar for building a more resilient economy and adaptable to regional and international changes, according to a statement on Monday by Al-Mamlaka TV. Sharkas said during the launch of the banks' initiative to allocate 90 million dinars to support the health and education sectors on Sunday, that the Central Bank expects the growth of the Jordanian economy to rise to 2.7 per cent in 2025, and to continue to rise to 3.5 per cent in the medium term. He pointed out that the inflation rate reached 2.2 per cent during the first two months of this year, with expectations that it will stabilise at 2 per cent in 2025, which ensures the stability of purchasing power and the competitiveness of the national economy, while the dollarisation rate decreased to 18.4 per cent in an indication of enhancing confidence in the Jordanian dinar and the banking sector, and the stability of the macroeconomic environment. Sharkas added that the Jordanian economy is achieving a positive performance, as national exports grew by 4.1 per cent in 2024 to reach $ 12.1 billion, and tourism income recorded an increase of 22 percent during the first month of this year compared with the same period in 2024. Remittances from Jordanian expatriates to the Kingdom also increased by 2.8 percent in 2024, and the Kingdom attracted foreign direct investment worth $1.3 billion during the first three quarters of 2024, despite regional instability, which contributed to supporting foreign reserves and boosting domestic demand. The CBJ Governor pointed out that these positive developments resulted in economic growth of 2.4 per cent during the first three quarters of 2024, with growth expected to stabilise at this rate for the whole of 2024, exceeding the International Monetary Fund (IMF) forecast of 2.3 per cent. The governor said that Jordanian banks maintain high capital levels, as the capital adequacy ratio reached 18 per cent at the end of 2024, which far exceeds the minimum set by the CBJ of 12 per cent as well as the minimum set by the Basel III Committee of 10.5 per cent. Jordan's banking sector enjoys comfortable levels of legal liquidity of nearly 145 per cent, exceeding the central bank's minimum of 100 per cent. The ratio of non-performing debt remained at relatively low levels of 5.6 per cent, while the provision coverage rate for these debts reached 74.8 per cent, which contributes to enhancing macro stability and confirms the ability of banks to ably meet future economic challenges, Al-Mamlaka TV reported. © Copyright The Jordan Times. All rights reserved. Provided by SyndiGate Media Inc. (
Jordan Times
18-03-2025
- Business
- Jordan Times
Jordan's economic growth is expected to rise to 2.7% this year, says CBJ Governor
Central Bank of Jordan Governor Adel Sharkas says the partnership between the government and the banking sector constitutes a key pillar for building a more resilient economy (JT file) AMMAN — Central Bank of Jordan (CBJ) Governor Adel Sharkas said that that the partnership between the government and the banking sector constitutes a key pillar for building a more resilient economy and adaptable to regional and international changes, according to a statement on Monday by Al-Mamlaka TV. Sharkas said during the launch of the banks' initiative to allocate 90 million dinars to support the health and education sectors on Sunday, that the Central Bank expects the growth of the Jordanian economy to rise to 2.7 per cent in 2025, and to continue to rise to 3.5 per cent in the medium term. He pointed out that the inflation rate reached 2.2 per cent during the first two months of this year, with expectations that it will stabilise at 2 per cent in 2025, which ensures the stability of purchasing power and the competitiveness of the national economy, while the dollarisation rate decreased to 18.4 per cent in an indication of enhancing confidence in the Jordanian dinar and the banking sector, and the stability of the macroeconomic environment. Sharkas added that the Jordanian economy is achieving a positive performance, as national exports grew by 4.1 per cent in 2024 to reach $ 12.1 billion, and tourism income recorded an increase of 22 percent during the first month of this year compared with the same period in 2024. Remittances from Jordanian expatriates to the Kingdom also increased by 2.8 percent in 2024, and the Kingdom attracted foreign direct investment worth $1.3 billion during the first three quarters of 2024, despite regional instability, which contributed to supporting foreign reserves and boosting domestic demand. The CBJ Governor pointed out that these positive developments resulted in economic growth of 2.4 per cent during the first three quarters of 2024, with growth expected to stabilise at this rate for the whole of 2024, exceeding the International Monetary Fund (IMF) forecast of 2.3 per cent. The governor said that Jordanian banks maintain high capital levels, as the capital adequacy ratio reached 18 per cent at the end of 2024, which far exceeds the minimum set by the CBJ of 12 per cent as well as the minimum set by the Basel III Committee of 10.5 per cent. Jordan's banking sector enjoys comfortable levels of legal liquidity of nearly 145 per cent, exceeding the central bank's minimum of 100 per cent. The ratio of non-performing debt remained at relatively low levels of 5.6 per cent, while the provision coverage rate for these debts reached 74.8 per cent, which contributes to enhancing macro stability and confirms the ability of banks to ably meet future economic challenges, Al-Mamlaka TV reported.
Arab News
17-03-2025
- Business
- Arab News
Jordan's economy to expand by 2.7% in 2025: Central Bank governor
RIYADH: Jordan's economy is expected to grow 2.7 percent in 2025, further accelerating to 3.5 percent in the medium term, according to the governor of the country's central bank. Adel Sharkas made the comments in the wake of credit rating agency S&P Global stating that Jordan's GDP expansion will be driven by the recovery of the tourism sector, as well as increasing trade relationships with Syria and Iraq. The central bank governor added that inflation in Jordan reached 2.2 percent in the first two months of this year and is expected to stabilize at 2 percent for 2025, the country's news agency, Petra, reported. The growth aligns with the broader trend in the Middle East, with Saudi Arabia forecasting a gross domestic product expansion of 4.6 percent in 2025, and the Central Bank of UAE projecting the Emirates' economy will increase by 4.5 percent this year and 5.5 percent in 2026. Reflecting on the state of Jordan's financial health, Sharkas said: 'Our national economy has demonstrated exceptional resilience against challenges and high flexibility, enabling adaptation and limitation of consequences over the past five years, beginning with the coronavirus pandemic and subsequent consecutive external economic shocks.' He added that Jordan attracted foreign direct investments valued at $1.3 billion during the first three quarters of 2024. The CBJ governor further said that tourism income also jumped 22 percent in January compared to the same period last year. Developing the tourism sector is crucial for Jordan, as the country considers this industry pivotal for economic growth and job creation. Through the Jordan National Tourism Strategy 2021-2025, the country aims to attract international visitors with its archaeological and cultural heritage along with unique natural landscapes. In a ceremony on March 16, Jordan's banking sector committed 90 million dinars ($126.92 million) to fund health and education projects over the next three years. Jafar Hassan, the country's prime minister, said: 'This banking sector that you represent has been a fundamental pillar supporting our national economy's strength, stability and resilience throughout history.' He added: 'During a quarter century, this great development of our Jordanian banking sector has materialized, achieving advanced global ratings, particularly in financial strength and banking system solidity.' In March, the World Bank said that it is assessing the financing of five projects aimed at supporting economic reforms, social protection, and entrepreneurship in Jordan, with a total potential investment valued at $900 million.
