Overseas Jordanians’ remittances increase

Remittances home by Jordanians working abroad totalled 978.1 million dinars ($1.369 billion) in the first five months of this year compared with 922.6 million dinars during the same period last year, an increase by around 55.5 million dinars, according to a Central Bank of Jordan (CBJ) statement. The statement said remittances continued to grow in the last three months. The recent growth ushers the beginning of higher flow of remittances, after a drop in the remittances during the last year as a result of economic and political developments and the repercussions of the global financial crisis, especially in the countries where most Jordanian expatriates work. Tourism revenues reached around one billion dinars at the end of May, which boosts the current account, the country’s payment balance and the country’s volume of foreign reserves, the statement said. Expatriate remittances to Jordan traditionally have been the largest source of foreign currency earnings and a pillar of economic prosperity. Actual remittance income is probably higher because much of the money was funnelled back to Jordan through unofficial channels, economists say.