Amman: Demand for the Jordanian dinar is increasing at exchange agencies in the local market ahead of the Eid al-Adha holiday and the start of the summer season, as reported by Firas Sultan, representative of the financial and banking sector at the Jordan Chamber of Commerce (JCC).
According to Jordan News Agency, Sultan mentioned that this rise in activity is primarily due to an increase in remittances from Jordanian expatriates, which typically double during these periods to meet their families' needs during the holiday. He highlighted that this growth is reflected in the increased volume of foreign currency exchanges in favor of the Jordanian dinar.
Sultan noted that 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.
Data from the Central Bank of Jordan (CBJ) shows that 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, along with increased tourist activity, contributes to increased demand for the dinar. This financial activity is crucial in supporting the Kingdom's economic cycle.
Sultan praised the CBJ's role and its policy in maintaining Jordan's monetary policy and enhancing confidence in the local currency. He also referred to the ongoing JCC-CBJ communication and their efforts to resolve any problems and challenges facing the sector.