ammonnews.net

Ammon News - The Jordanian dinar is witnessing a bullish trend, driven by increased inflows from expatriate remittances and stronger commercial activity metrics.

This upswing in the dinar's liquidity and demand was detailed in insights provided by Firas Sultan, the Financial and Banking Sector Representative at the Jordan Chamber of Commerce, also serving as its Second Vice President.

Recent fiscal data from the Central Bank of Jordan underscores this economic narrative, showing a 1.4% year-over-year increment in expatriate remittances as of November 2023, summing up to $3.2 billion. This is a notable increase from the $3.133 billion recorded in the corresponding period of 2022.

Sultan highlighted the pivotal role of these remittances in augmenting the Kingdom's foreign exchange reserves, catalyzing the forex market's fluidity, and underpinning the vitality of the domestic commercial sector.

He further emphasized the strategic measures undertaken by the Central Bank of Jordan in sustaining the dinar's attractiveness and exchange rate equilibrium against other major currencies, thus fortifying the entrenched pillars of monetary and banking stability in Jordan. Petra