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.

On joint coopweration, he referred to the ongoing JCC-CBJ communication and their "constant" endeavor to resolve any problems and challenges facing the sector. Petra