The local currency exchange market has seen increased activity as Eid Al-Fitr approaches, with a growing demand for the Jordanian dinar, according to industry workers. They confirm that the rising remittances from Jordanian expatriates abroad in recent days have contributed to the increased domestic demand for the dinar, which is linked to the commercial activity surrounding the holiday period.
Industry professionals expect the demand for the dinar to continue increasing starting from the current Eid season and extending through to the end of September. The local exchange sector, which includes around 250 companies and branches across the Kingdom, employs about 4,000 Jordanian workers.
Expectations for Increased Demand for the Dinar in the Coming Months
Firas Sultan, a representative of the financial and banking sector at the Jordan Chamber of Commerce, stated, "The local market is experiencing a very active demand for the dinar, driven by the rising remittances from expatriates abroad, in addition to the domestic demand associated with commercial activity during Eid, as well as the decline of the dollar against the dinar."
Sultan anticipates that the demand for the dinar will continue to rise from the current Eid season until the end of September, a period traditionally marked by increased tourism and the return of expatriates, which positively impacts the demand for the dinar. He confirmed that the rising demand reflects the strength and stability of the local financial and banking sector, which is a major driver of the national economy.
Preliminary data from the Central Bank of Jordan showed that remittances from Jordanian expatriates to the Kingdom increased by 1.2% in January. According to the data, remittances reached $320 million in the first month of the current year, compared to $316.4 million during the same month in 2024.
Increased Remittances from Expatriates
Abd al-Salam Al-Saudi, President of the Jordanian Exchange Association, confirmed that the local exchange market has begun to see increased demand for the dinar, driven by the Eid Al-Fitr season. He expects the demand for the dinar to continue gradually rising in the coming period, reaching its peak in the summer.
Al-Saudi pointed out that remittances to the Kingdom have increased in recent days as expatriates start sending money to their families. He noted that the volume of remittances during this Eid might be slightly lower than usual during holiday seasons, as the timing of Eid falls outside the summer vacation period, which is typically when expatriates tend to send more money.
Growth in Remittances from Jordanian Expats Abroad
Investor in the banking sector, Alaa Diraneyah, pointed out that the local exchange market has experienced heightened demand for the dinar, which has grown significantly in recent days as Eid approaches. He clarified that remittances from expatriates abroad have notably increased over the past week, with the levels of remittances matching those seen during holiday periods.
Diraneyah confirmed that the local market is also seeing increased demand for the Egyptian pound and the UAE dirham, but there has been a decline in demand for the Turkish lira during this Eid season compared to previous holiday seasons.
Foreign Currency Exchange Rates
Regarding the exchange rates of some foreign and Arab currencies, Diraneyah noted that the exchange rate of the US dollar against the dinar is 70.8 piasters, while the euro is at 76 piasters. The exchange rate for the British pound is 91 piasters, while the Saudi riyal is at 18.7 piasters, the UAE dirham is 19.25 piasters, and the Egyptian pound is at 2 piasters.
Investor Naeem Mashrabash agreed with the previous statements, noting that there is a significant increase in the demand for the dinar in the local exchange market due to the rising volume of remittances in recent days. He confirmed that the demand levels are similar to those typically seen during holiday seasons.
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The local currency exchange market has seen increased activity as Eid Al-Fitr approaches, with a growing demand for the Jordanian dinar, according to industry workers. They confirm that the rising remittances from Jordanian expatriates abroad in recent days have contributed to the increased domestic demand for the dinar, which is linked to the commercial activity surrounding the holiday period.
Industry professionals expect the demand for the dinar to continue increasing starting from the current Eid season and extending through to the end of September. The local exchange sector, which includes around 250 companies and branches across the Kingdom, employs about 4,000 Jordanian workers.
Expectations for Increased Demand for the Dinar in the Coming Months
Firas Sultan, a representative of the financial and banking sector at the Jordan Chamber of Commerce, stated, "The local market is experiencing a very active demand for the dinar, driven by the rising remittances from expatriates abroad, in addition to the domestic demand associated with commercial activity during Eid, as well as the decline of the dollar against the dinar."
Sultan anticipates that the demand for the dinar will continue to rise from the current Eid season until the end of September, a period traditionally marked by increased tourism and the return of expatriates, which positively impacts the demand for the dinar. He confirmed that the rising demand reflects the strength and stability of the local financial and banking sector, which is a major driver of the national economy.
Preliminary data from the Central Bank of Jordan showed that remittances from Jordanian expatriates to the Kingdom increased by 1.2% in January. According to the data, remittances reached $320 million in the first month of the current year, compared to $316.4 million during the same month in 2024.
Increased Remittances from Expatriates
Abd al-Salam Al-Saudi, President of the Jordanian Exchange Association, confirmed that the local exchange market has begun to see increased demand for the dinar, driven by the Eid Al-Fitr season. He expects the demand for the dinar to continue gradually rising in the coming period, reaching its peak in the summer.
Al-Saudi pointed out that remittances to the Kingdom have increased in recent days as expatriates start sending money to their families. He noted that the volume of remittances during this Eid might be slightly lower than usual during holiday seasons, as the timing of Eid falls outside the summer vacation period, which is typically when expatriates tend to send more money.
Growth in Remittances from Jordanian Expats Abroad
Investor in the banking sector, Alaa Diraneyah, pointed out that the local exchange market has experienced heightened demand for the dinar, which has grown significantly in recent days as Eid approaches. He clarified that remittances from expatriates abroad have notably increased over the past week, with the levels of remittances matching those seen during holiday periods.
Diraneyah confirmed that the local market is also seeing increased demand for the Egyptian pound and the UAE dirham, but there has been a decline in demand for the Turkish lira during this Eid season compared to previous holiday seasons.
Foreign Currency Exchange Rates
Regarding the exchange rates of some foreign and Arab currencies, Diraneyah noted that the exchange rate of the US dollar against the dinar is 70.8 piasters, while the euro is at 76 piasters. The exchange rate for the British pound is 91 piasters, while the Saudi riyal is at 18.7 piasters, the UAE dirham is 19.25 piasters, and the Egyptian pound is at 2 piasters.
Investor Naeem Mashrabash agreed with the previous statements, noting that there is a significant increase in the demand for the dinar in the local exchange market due to the rising volume of remittances in recent days. He confirmed that the demand levels are similar to those typically seen during holiday seasons.