Central Bank: Inbound Expat Remittance to Rise 4% in 2018

تم نشره في Wed 6 June / Jun 2018. 12:00 AM
  • Central Bank of Jordan (CBJ) Building, Amman - (Archives)

AMMAN —AlGhad— Deputy Governor of the Jordan Central Bank (CBJ) Dr Maher Sheikh Hasan stated today, Wednesday, that inbound expat remittances in 2018 are expected to increase by some 4 per cent from 2017’s USD3.7 billion.

He described it as a good indicator for the economy.

June will see a significant boost with the nearing of the Eid al Fitr, towards the end of Ramadan, as remittances usually increase by the end of the Holy Month.

Inbound remittance, alongside revenues from tourism, US Dollar bank deposits and exportation are Jordan’s main sources of hard and foreign currencies. Not to mention investment portfolios at the Amman Financial Market.

Fear of repatriation of Jordan’s expats in the Gulf was real until figures indicated there has been no significant, systematic nationalisation efforts to substitute the Jordanian workforce there, the Deputy explained.

Very few Jordanian expats and families have returned, he said.

In April, inbound expat remittance has increased by 1.2 per cent, to USD1.2 billion, compared to USD1.185 billion in April 2017, Mr Hasan highlighted.

There are over a million Jordanian expats across 70 countries around the world, according to the Ministry of Foreign and Expatriate Affairs.

Of the million nationals overseas, 79.5 per cent reside in the Arab Gulf, the figures of the Ministry show, 11 per cent in the US and Canada and 3.4 per cent in Europe.