ammonnews.net

Ammon News - The Jordanian Money Exchange Association is currently observing a gradual upsurge in the demand for the Jordanian Dinar. This increase can be attributed to the stability of the summer season, flourishing domestic and international tourism activities, school holidays, and visits by expatriates.

In a statement on Sunday, the Secretary-General of the Association, Alaa Derania, anticipated a forthcoming upswing in demand for the Turkish Lira and the Egyptian Pound, in conjunction with the approaching Eid al-Adha holiday. This surge aligns with the projected rise in tourist arrivals and traveler numbers during the vacation period. Additionally, he highlighted the robust demand for the Saudi Riyal during this time, particularly due to the Hajj season.

Derania further emphasized the active volume of domestic transfers between currency exchange company branches, due to the widespread presence of exchange shops across cities. This accessibility offers seamless and convenient money transfer services, similar to traditional banking channels.

Regarding remittance trends, Derania underscored that outgoing remittances from the Kingdom are consistent with typical levels for this time of year. However, the inflow of remittances from Gulf countries has experienced a slowdown due to intensified competition within the Gulf labor market, inflationary pressures, and the high cost of living.

Presently, the Kingdom has a total of 105 operational currency exchange companies, with branch networks spanning across all governorates.