Incoming Jordanian remittances up 3.6% in January-March 2019

AMMAN — The total remittances of Jordanian expatriates increased by 3.6 per cent by the end of March to $894.5 million, up from the $863 million registered during the same period in 2018, according to data released by the Central Bank of Jordan (CBJ) on Tuesday.

The growth rate of incoming remittances has also increased by 0.8 per cent in the comparative January-March duration for the years 2019 and 2018, data showed.

On the month basis, remittances increased in March 2019 alone by 3 per cent, comparatively, from $286 million in March 2018 to $294.4 million, the Jordan News Agency, Petra, reported.

Incoming expatriate remittances are one of the country’s major inflows of foreign currency, alongside commodity and service exports, grants, loans and foreign aid.

Official figures estimate the number of Jordanian expatriates at around 750,000, the majority of whom live in Arab Gulf states.

Over 300,000 Jordanian workers, mostly professionals and skilled labourers, are based in Saudi Arabia, followed by the UAE, with nearly 200,000 people.

Experts cite any rise in the volume of remittances as an indicator that the economy is on the right track and that Jordanian expats have confidence in national economy.