Latest news with #FirasSultan
Jordan News
3 days ago
- Business
- Jordan News
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)
Ammon
3 days ago
- Business
- Ammon
Demand for Jordanian dinar surges ahead of Eid holiday
Ammon News - Demand for the Jordanian dinar is "significantly" increasing at exchange agencies in the local market, ahead of Eid al-Adha holiday and the start of the summer season, representative of financial and banking sector at the Jordan Chamber of Commerce (JCC), Firas Sultan, said. Sulatn noted the activity is primarily due to the "crucial" increase in remittances from Jordanian expatriates, which "typically double" during those periods to meet their families' needs during the holiday. Sulatn indicated that this growth is reflected in the increased volume of foreign currency exchange in favor of the Jordanian dinar. "These remittances are a main source of foreign currency in the local market and directly contribute to strengthening monetary reserves and supporting the purchasing power of Jordanian households, especially amid Eid preparations," he pointed out. According to data from the Central Bank of Jordan (CBJ), remittances from Jordanian expatriates increased by 3% during the first quarter of this year, reaching $889 million. The bank added that the return of thousands of Jordanian expatriates to spend their holidays in the Kingdom during the Eid holiday and the increased tourist activity contribute to increased demand for the dinar, stressing the importance of this financial activity in supporting the Kingdom's economic cycle. Sultan also praised the CBJ's "key" role and its "prudent" policy in maintaining Jordan's monetary policy and enhancing confidence in the local currency.
Jordan News
08-05-2025
- Business
- Jordan News
Fitch Rating Underscores Jordan's Economic Resilience, Says Trade Official - Jordan News
Fitch Rating Underscores Jordan's Economic Resilience, Says Trade Official The recent decision by Fitch Ratings to affirm Jordan's long-term foreign-currency issuer default rating at 'BB-' with a stable outlook signals continued confidence in the Kingdom's economic resilience and reform trajectory, according to Firas Sultan, the financial and banking sector representative at the Jordan Chamber of Commerce. اضافة اعلان Sultan said the rating affirmation reflects Jordan's ability to maintain macroeconomic stability and weather regional challenges through prudent fiscal and monetary policies. He noted that despite ongoing geopolitical tensions, particularly the war in Gaza and its financial repercussions, Jordan has upheld investor confidence and maintained access to both domestic and international financing sources. He emphasized that the rating reflects the country's consistent progress in fiscal and administrative reforms, as well as the government's commitment to structural adjustments that enhance economic productivity and institutional efficiency. These efforts, he said, have helped position Jordan as a stable and credible player in a region facing chronic instability. Sultan stressed that the resilience of the banking sector, characterized by strong liquidity, sound risk management, and full compliance with international regulatory standards, has played a critical role in sustaining financial system stability and reinforcing international trust in Jordan's financial institutions. He added that Fitch's decision underscores the strategic importance of Jordan's international partnerships, particularly with the United States and multilateral donors, which continue to provide essential financial and political support. This backing, Sultan said, enhances the Kingdom's fiscal flexibility and strengthens its external buffers. Sultan also highlighted the importance of monetary policy credibility, noting that the Central Bank of Jordan's approach has safeguarded foreign reserves and maintained a stable exchange rate. He credited the Central Bank with navigating global financial turbulence effectively, thereby shielding the economy from external shocks. "The affirmation of this rating is not just a reflection of where Jordan stands today," Sultan said, "but a recognition of the comprehensive reform agenda the government is implementing to transition toward a more competitive, productive, and open economy." He pointed out that Fitch's outlook is aligned with the objectives of Jordan's Economic Modernization Vision (EMV), which aims to raise growth rates, expand job creation, and empower the private sector as the main engine of sustainable development. Fitch Ratings, founded in 1913 and headquartered in New York and London, is one of the three major global credit rating agencies, alongside Moody's and Standard & Poor's. Petra
Jordan Times
15-04-2025
- Business
- Jordan Times
Foreign reserves strengthen confidence in national economy — JCC
Foreign reserves stand at $22.02 billion, covering the Kingdom's imports of goods and services for 8.5 months, according to Firas Sultan, representative of the financial and banking sector in the Jordan Chamber of Commerce (JT file) AMMAN — The Central Bank of Jordan's (CBJ) foreign reserves have reached "unprecedented" levels, bolstering confidence in the Kingdom's economic stability and its capacity to overcome challenges, according to Firas Sultan, a representative of the financial and banking sector in the Jordan Chamber of Commerce (JCC). As of the end of March, foreign reserves stood at $22.02 billion, covering the Kingdom's imports of goods and services for 8.5 months, the Jordan News Agency, Petra, reported on Tuesday. Foreign reserves refer to the deposits and bonds held by central banks in foreign currencies, with the US dollar being the primary reserve currency. Other foreign currencies, including the euro, British pound, and Japanese yen, also contribute to these reserves, which play a 'critical' role in stabilising the national currency and facilitating debt repayment. Sultan emphasised that foreign reserves are a 'key' indicator of a country's economic resilience. 'Their significant increase reflects Jordan's ability to face global and local economic pressures while maintaining financial stability. These reserves also highlight the effectiveness of Jordan's monetary policy, which has successfully adapted to evolving economic conditions,' he said. The 'record' levels of foreign reserves are attributed to 'strategic' government decisions aimed at enhancing the business environment and driving economic growth, he said, adding that these measures, in line with the country's Economic Modernisation Vision, have played a pivotal role in shaping the positive economic trajectory. 'The substantial foreign reserves provide essential support for trade operations, offering financial stability for businesses engaged in imports and exports.' Sultan also pointed out that this development sends a 'strong' signal to investors, demonstrating the national economy's robust growth prospects and ability to generate favourable results. 'The success in building these reserves underscores the effective management of monetary policy by the Central Bank of Jordan.' Sultan highlighted that the CBJ's 'prudent' policies have enabled the country to build foreign reserves sufficient to cover extended periods of imports, further supporting the Kingdom's economic stability and fostering a "favourable" investment climate.
Jordan News
15-04-2025
- Business
- Jordan News
Jordan Chamber of Commerce: Record Foreign Reserves Strengthen Confidence in National Economy - Jordan News
Firas Sultan, the representative of the financial and banking sector at the Jordan Chamber of Commerce, stated that the Central Bank of Jordan's foreign reserves reaching record and historic levels enhances confidence in the national economy and affirms its ability to withstand challenges. اضافة اعلان As of the end of March, Jordan's foreign currency reserves reached $22.02 billion, covering the Kingdom's imports of goods and services for approximately eight and a half months. Foreign reserves are typically defined as deposits and bonds held in foreign currencies by central banks. The U.S. dollar is considered the global reserve currency, but reserves also include holdings in the euro, British pound, and Japanese yen. These reserves help support the local currency's value and enable the government to meet its debt obligations. In a statement issued Tuesday, Sultan explained that foreign currency reserves are a key economic indicator reflecting the strength of a country's economy and its ability to meet obligations and manage crises. They also highlight the prudence of the monetary policy and its responsiveness to local and global changes. He added that reaching these unprecedented reserve levels indicates that the national economy is on the right track, supported by a series of government decisions and actions aimed at improving the business environment, implementing the Economic Modernization Vision, and achieving growth. Sultan emphasized that the availability of foreign currency reserves supports local market trade and provides economic sectors with financial stability, especially in import and export operations. It also sends a strong message to business owners and investors about the national economy's ability to continue growing and delivering positive results. Sultan, who also serves as the Second Vice President of the Chamber, stressed that maintaining adequate foreign currency reserves reinforces confidence in the monetary policies efficiently managed by the Central Bank of Jordan. It also enhances the attractiveness of the national economy and its capacity to meet local market import demands. He noted that the Central Bank, through its prudent policies, has successfully built up reserves sufficient to cover long periods of imports—an achievement that will strengthen the investment and business climate in the Kingdom and support monetary stability. — (Petra)
