The rise in tourism revenue and remittances from Jordanians working abroad reflects continued foreign currency inflows into Jordan’s local market, supporting the activity of the exchange sector as well as broader economic and commercial activity, according to Firas Sultan, financial and banking sector representative at the Jordan Chamber of Commerce.
Sultan said tourism revenue increased by 2.9% during the first eight months of this year, reaching $5.56 billion, describing the increase as a positive indicator of continued tourism activity and foreign currency inflows into the Kingdom. He said this also benefits various economic sectors linked to tourism.
He noted that tourism activity is directly connected to the exchange sector, as visitors and tourists require currency exchange services. This contributes to increased transaction volumes and exchange activity, while also boosting demand for financial services associated with tourism.
Sultan said higher tourism revenue strengthens foreign currency liquidity and supports domestic spending, benefiting sectors including trade, services, transportation, restaurants and hotels, among other tourism-related activities.
He also said remittances from Jordanians working abroad represent an important source of foreign currency inflows into the Kingdom. Incoming remittances rose by 14.1% during the first seven months of this year, reaching $2.97 billion, compared with the same period last year.
According to Sultan, the growth in remittances has a positive impact on the exchange market by increasing money-transfer activity and providing additional financial inflows to the local market. It also supports the purchasing power of beneficiary households and stimulates trade and services.
He said the combined increase in tourism revenue and remittances is strengthening foreign currency activity in the local market and supporting exchange companies, which play an important role in facilitating currency exchange and money transfers for citizens and visitors.
Sultan praised the development of Jordan’s exchange sector and the progress made by exchange companies in diversifying services, speeding up transactions and providing modern payment and transfer solutions. He said these developments have strengthened the sector’s ability to keep pace with growing tourism activity and financial transfers.
He also commended the Central Bank of Jordan for its efforts to develop and regulate the exchange sector and improve the efficiency of the money-transfer system, saying these measures have contributed to improving financial services and enhancing the security and reliability of exchange and transfer transactions.
Sultan said the exchange sector is an important component of the broader economic system and is directly linked to tourism, remittances and trade. As a result, growth in financial inflows into Jordan provides support for the sector and overall market activity.
Source: Petra
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