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Despite regional challenges, Jordan's economy stable, growth on track — CBJ governor
Despite regional challenges, Jordan's economy stable, growth on track — CBJ governor

Zawya

time2 days ago

  • Business
  • Zawya

Despite regional challenges, Jordan's economy stable, growth on track — CBJ governor

AMMAN — Central Bank of Jordan (CBJ) Governor Adel Sharkas said that Jordan's economy continues to grow steadily despite regional instability, supported by a clear Economic Modernisation Vision (EMV). During a forum organised on Monday by the Jordan Strategy Forum (JSF) titled "Reform, Stability, Resilience," Sharkas said that the economy recorded 2.7 per cent growth in both quarter 4 of 2024 and quarter 1 of 2025, the Jordan News Agency, Petra, reported. The CBJ expects 2025 growth to remain at 2.7 per cent, rising above 4 per cent by 2028 with the implementation of 'major' infrastructure projects and continued fiscal reform, Sharkas noted. He stressed that Jordan's 'strong' fundamentals are solid monetary framework, stable investment climate, healthy banking sector and credible exchange rate. These factors boosted investor confidence, reflected in the strong performance of Jordan's Eurobonds, which are trading below issuance yields, he added. The CBJ governor added that during 2021–2024, the economy grew at an average of 2.9 per cent, recording the highest since 2010, driven by gains in productivity, human capital and non-traditional exports. This growth contributes now in 20.9 per cent to the gross domestic product (GDP), up from 16.2 per cent in 2016, Sharkas added. He noted that investment contributed 40 per cent to growth during this period, while external demand contributed 38 per cent. Sharkas attributed this momentum to structural reforms, with around 100 reforms since 2012, enhancing governance, competitiveness and job creation. Jordan's energy bill dropped to 7 per cent of the GDP in 2024, down from 21 per cent in 2012, thanks to energy diversification and long-term gas deals, he noted, adding that tourism revenue reached $3.7 billion in the first half of 2025 and is projected to hit $7.7 billion by year-end. Sharkas said that the foreign direct investment (FDI) reached $1.6 billion in 2024, while remittances are expected to rise to $3.7 billion, while inflation reached 2 per cent in the January-June period of 2025. Foreign reserves hit $22 billion, which is enough to cover 8.4 months of imports. Bank deposits reached JD47.7 billion in May, while dollarisation declined to 18.1 per cent, the CBJ governor said, pointing out that financial inclusion rose to 43.1 per cent in 2022, with gender gap narrowing from 53 per cent to 22 per cent. He added that digital payment activity surged to 538 million transactions worth JD55.3 billion in 2024, and credit facilities rose by over JD7 billion since 2020, reaching JD35.3 billion by May. The CBJ completed 90 of 94 initiatives under the 2023–2025 economic vision. The remaining are on track, Sharkas said. Public finance reforms are also advancing, with the primary deficit expected to drop to 2 per cent of GDP in 2025, aiming to a surplus by 2027. Public debt is projected to fall below 80 per cent of the GDP by 2028, the CBJ governor said. JSF Chairman Faris Sharaf stressed the need to balance monetary stability with flexible economic policies. JSF Executive Director Nasreen Barakat highlighted the forum's role in fostering evidence-based policy dialogue. JSF board member Nadia Saeed emphasised CBJ's regulatory role in supporting sustainable development. The event also addressed virtual asset regulations, SME support, economic literacy, and Jordan's resilience to external shocks. © Copyright The Jordan Times. All rights reserved. Provided by SyndiGate Media Inc. (

Despite regional challenges, Jordan's economy stable, growth on track — CBJ governor
Despite regional challenges, Jordan's economy stable, growth on track — CBJ governor

Jordan Times

time3 days ago

  • Business
  • Jordan Times

Despite regional challenges, Jordan's economy stable, growth on track — CBJ governor

AMMAN — Central Bank of Jordan (CBJ) Governor Adel Sharkas said that Jordan's economy continues to grow steadily despite regional instability, supported by a clear Economic Modernisation Vision (EMV). During a forum organised on Monday by the Jordan Strategy Forum (JSF) titled "Reform, Stability, Resilience," Sharkas said that the economy recorded 2.7 per cent growth in both quarter 4 of 2024 and quarter 1 of 2025, the Jordan News Agency, Petra, reported. The CBJ expects 2025 growth to remain at 2.7 per cent, rising above 4 per cent by 2028 with the implementation of 'major' infrastructure projects and continued fiscal reform, Sharkas noted. He stressed that Jordan's 'strong' fundamentals are solid monetary framework, stable investment climate, healthy banking sector and credible exchange rate. These factors boosted investor confidence, reflected in the strong performance of Jordan's Eurobonds, which are trading below issuance yields, he added. The CBJ governor added that during 2021–2024, the economy grew at an average of 2.9 per cent, recording the highest since 2010, driven by gains in productivity, human capital and non-traditional exports. This growth contributes now in 20.9 per cent to the gross domestic product (GDP), up from 16.2 per cent in 2016, Sharkas added. He noted that investment contributed 40 per cent to growth during this period, while external demand contributed 38 per cent. Sharkas attributed this momentum to structural reforms, with around 100 reforms since 2012, enhancing governance, competitiveness and job creation. Jordan's energy bill dropped to 7 per cent of the GDP in 2024, down from 21 per cent in 2012, thanks to energy diversification and long-term gas deals, he noted, adding that tourism revenue reached $3.7 billion in the first half of 2025 and is projected to hit $7.7 billion by year-end. Sharkas said that the foreign direct investment (FDI) reached $1.6 billion in 2024, while remittances are expected to rise to $3.7 billion, while inflation reached 2 per cent in the January-June period of 2025. Foreign reserves hit $22 billion, which is enough to cover 8.4 months of imports. Bank deposits reached JD47.7 billion in May, while dollarisation declined to 18.1 per cent, the CBJ governor said, pointing out that financial inclusion rose to 43.1 per cent in 2022, with gender gap narrowing from 53 per cent to 22 per cent. He added that digital payment activity surged to 538 million transactions worth JD55.3 billion in 2024, and credit facilities rose by over JD7 billion since 2020, reaching JD35.3 billion by May. The CBJ completed 90 of 94 initiatives under the 2023–2025 economic vision. The remaining are on track, Sharkas said. Public finance reforms are also advancing, with the primary deficit expected to drop to 2 per cent of GDP in 2025, aiming to a surplus by 2027. Public debt is projected to fall below 80 per cent of the GDP by 2028, the CBJ governor said. JSF Chairman Faris Sharaf stressed the need to balance monetary stability with flexible economic policies. JSF Executive Director Nasreen Barakat highlighted the forum's role in fostering evidence-based policy dialogue. JSF board member Nadia Saeed emphasised CBJ's regulatory role in supporting sustainable development. The event also addressed virtual asset regulations, SME support, economic literacy, and Jordan's resilience to external shocks.

Jordan tourism revenues climb 11.9% in H1 despite regional headwinds
Jordan tourism revenues climb 11.9% in H1 despite regional headwinds

Arab News

time17-07-2025

  • Business
  • Arab News

Jordan tourism revenues climb 11.9% in H1 despite regional headwinds

RIYADH: Jordan's tourism revenues rose 11.9 percent year on year in the first half of 2025 to reach $3.67 billion, underscoring the sector's resilience amid geopolitical tensions in the region. According to data from the Central Bank of Jordan, the growth came despite a slight setback in June, when monthly revenues fell 3.7 percent to $619.2 million, state-run Petra news agency reported. Turki Faisal Al-RasheedDespite this, Jordan's performance reflects a broader tourism surge across the Middle East, with a May release by the World Travel & Tourism Council showing the sector added $341.9 billion to gross domestic product and 7.3 million jobs in 2024, with projections of $367.3 billion and 7.7 million jobs in 2025. Saudi Arabia led the region with a 148 percent rise in international tourism revenue in 2024, according to its Ministry of Tourism, while Oman, the UAE, and Qatar continued to attract strong visitor flows through investment, connectivity, and major events. Citing the central bank data, Petra said: 'Tourism revenues from Asian visitors surged by 42.9 percent during the first half of the year, while revenues from European tourists increased by 35.6 percent, Americans by 25.8 percent, Arabs by 11.5 percent, and other nationalities by 43.0 percent.' It added: 'Conversely, revenues from Jordanian expatriates visiting the Kingdom registered a modest decline of 0.8 percent over the same period.' Spending by Jordanians on outbound tourism rose 3.3 percent year on year in the first half of 2025, reaching $999.7 million, despite a 22.7 percent decline in June alone, when spending fell to $195.6 million. This comes on the back of a strong start to 2025, with Jordan welcoming 1.51 million visitors in the first quarter — a 13 percent increase from the same period last year — while receipts rose 8.85 percent to 1.22 billion Jordanian dinars ( $1.72 billion), according to the Ministry of Tourism and Antiquities' first-quarter report. The recovery was further supported by the return of air connectivity, which had nearly disappeared in 2024. New agreements with European carriers expanded the number of low-cost direct routes to 25 this year, including 20 to Amman for the summer and five to Aqaba in the winter. These routes are expected to bring in around 270,000 travelers, the report added. Looking ahead, the ministry said it is developing a new National Tourism Strategy for 2025–2028, building on the previous plan and aligning with the country's Economic Modernization Vision. The updated roadmap aims to diversify source markets, including China, India, Russia, Africa, and Southeast Asia, and promote high-potential segments such as medical, wellness, faith-based, adventure, and meetings, incentives, conferences, and exhibitions, or MICE, tourism.

Egypt: Vaiu secures Central Bank of Jordan's initial approval to launch BNPL services
Egypt: Vaiu secures Central Bank of Jordan's initial approval to launch BNPL services

Zawya

time11-07-2025

  • Business
  • Zawya

Egypt: Vaiu secures Central Bank of Jordan's initial approval to launch BNPL services

Arab Finance: valU has received initial approval from the Central Bank of Jordan to launch its buy now, pay later (BNPL) services in the country, marking a step forward in its regional expansion, as per an emailed press release. The fintech company, recently listed on the Egyptian Exchange (EGX), considers Jordan a key market in its broader plan to grow across the MENA region in response to rising demand for flexible payment solutions. valU's entry into Jordan follows a period of market assessment and preparation, including the hiring of professionals with experience in the local financial sector and the formation of partnerships with merchants and financial institutions. The company stated that Jordan offers a growing market for digital financial services, with consumers increasingly seeking accessible payment tools. valU's BNPL platform offers installment-based payment plans across sectors such as retail, electronics, and healthcare, allowing consumers to make purchases without paying the full amount upfront. The model aims to support financial access and expand purchasing options. For merchants, valU's services are designed to help increase sales and improve customer retention through integrated payment options. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (

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