Jordan remittances rise 4.4 percent in 2013

Jordan received $3.65bn in remittance from nationals working overseas during 2013. (File photo: Shutterstock)

Jordan received $3.65 billion in remittances from citizens working overseas in 2013, up 4.4 percent on 2012 with signs of a recovery from the impact of regional tensions, central bank data released on Wednesday showed.

Remittances, the biggest source of foreign exchange for the aid-dependent energy importer, dropped by five percent in 2011 after a wave of unrest swept the region slashed growth. But inflows have begun to recover since 2012.

Recovery in capital inflows have helped the kingdom build foreign reserves and recover from an acute financial crisis that hit the country in 2012 when foreign aid fell and welfare payments and its energy import bill leapt. That forced it to take a $2bn International Monetary Fund loan.

Most Jordanians living abroad who work in Gulf oil producing countries send money home to help their families and for investment, including in real estate.

Last Update: Wednesday, 20 May 2020 KSA 09:42 - GMT 06:42