Latest news with #Sharkas
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.
Jordan News
16-02-2025
- Business
- Jordan News
Around $26 Billion in Foreign Currency Inflows to Jordan in 2024 - Jordan News
The Governor of the Central Bank, Adel Sharkas, stated on Saturday that the total inflows of foreign currencies into Jordan during the year 2024 amounted to approximately $26 billion. اضافة اعلان Sharkas explained that these inflows include revenues from goods and services exports, workers' remittances, and foreign investments. He pointed out that the Jordanian economy has successfully built strong ties with international markets, strengthening its position regionally and globally. He also emphasized that these results, despite the high competition in the region, reflect growing confidence in the Jordanian economy and enhance its ability to continue attracting investments and developing productive sectors.
Jordan Times
15-02-2025
- Business
- Jordan Times
CBJ governor underlines resilience, stability of Jordanian economy
Central Bank of Jordan Governor Adel Sharkas on Saturday speaks during the 2025 Jordanian Banking Summit ( Photo by Al Mamlaka TV) Sharkas says exports grow by 3.8% to JD8.6b in 2024 'Jordanian expatriates' remittances in 2024 increase by 2.8% to JD2.6b' Sharkas says FDI reaches JD906 million in first 3 quarters of 2024 AMMAN — Central Bank of Jordan (CBJ) Governor Adel Sharkas on Saturday underlined the resilience and stability of the Jordanian economy, noting that it has "successfully weathered" regional and global challenges. This stability, he said, has been underpinned by structural economic and fiscal reforms implemented in recent years, as well as "prudent" monetary policies by the CBJ, which have boosted the Kingdom's "economic defences." Sharkas made his remarks during his participation at the 2025 Jordanian Banking Summit under the theme "Resilience and Innovation in the Banking Sector: Adapting to a Shifting Economy," hosted by the Association of Banks in Jordan (ABJ), Al Mamlaka TV reported. The event brought together ABJ President Bassem Salem and senior banking executives and industry leaders. The summit featured a panel of experts who explored key global and regional economic trends, highlighting the future outlook for banking, digital transformation and the role of fintech in reshaping financial operations. Addressing the gathering, Sharkas reiterated the banking sector's support for His Majesty King Abdullah, praising his steadfast commitment to Jordan's national interests and his firm opposition to any form of forced displacement of Palestinians, in line with the principles of justice and international law. Highlighting several positive economic indicators, particularly in Jordan's external sector, Sharkas noted that exports grew by 3.8 per cent in 2024, reaching JD8.6 billion, as Jordanian products expanded into new markets. He added that tourism revenues reached JD5.1 billion, driven by "strong" demand from Jordanian expatriates and Arab visitors, while remittances from Jordanians abroad increased by 2.8 per cent to JD2.6 billion. Foreign direct investment (FDI) reached JD906 million in the first three quarters of 2024, despite regional uncertainties. Jordan's GDP grew by 2.4 per cent in the first nine months of 2024, exceeding IMF forecasts, with the central bank forecasting an increase to 2.7 per cent in 2025, he said. On monetary policy, Sharkas reiterated the CBJ's unwavering commitment to maintaining financial stability. He 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. He also highlighted a recent decision to increase the central bank's capital to JD100 million from internal resources, enhancing its financial stability and monetary policy effectiveness. For his part, Salem described the Jordan Banking Summit 2025 as an "important" platform to discuss evolving financial and economic trends in an increasingly complex world. He highlighted the importance of preparedness, adaptability and innovation in addressing current challenges. Salem noted that this year's reflects the sector's need to adapt to global economic changes, including inflation, CBJ policy changes and growing geopolitical uncertainty. He highlighted the need for emerging markets to manage energy price volatility and financial disruption. The ABJ president also noted the transformative impact of artificial intelligence (AI) on banking, which, while improving efficiency, raises critical questions about the future of employment in financial services. Salem noted that the Kingdom's economy is projected to grow by 2.4 per cent in 2024, and by 2.9 per cent in 2025. Inflation remains low and most sectors of the economy are expanding, with the exception of construction, which contracted by 1.5 per cent, he said, noting that exports grew by 5.2 per cent, narrowing the trade deficit, while unemployment fell to 21.5 per cent. These trends, he said, reflect Jordan's ability to withstand economic pressures thanks to "sound" fiscal and monetary policies that have boosted international confidence and led to an improved credit rating for the first time in 21 years. Page 2
