Jordan's economy benefiting from nationals abroad sending money
The economy is receiving welcome help from the hundreds of thousands of Jordanians working abroad, a report from the Central Bank of Jordan (CBJ) said on Sunday.
The amount of money sent home by Jordanians working overseas rose by more than 8.7 percent in the first quarter of the year over the same period last year, the bank report said.
The transfers rose from almost $370 million in the first quarter of 1999 to $400 million in the same period this year, it said.
Expatriates' input, like tourism receipts, make up a major source of foreign currency for the country, accounting for $1.6 billion in 1999, up 7.9 percent over the previous year, the bank report said.
The funds have also boosted the Kingdom's foreign exchange reserves, which hit $2.6 billion at the end of June, against $1.9 billion at the end of 1999 — a 35 percent increase for the first half of the year, according to the CBJ.
More than 400,000 Jordanians work abroad, mostly in the Arab Gulf states. Their number has increased considerably with recent improvements in political relations between Amman and the kingdoms.
Following the Gulf War, hundreds of thousands of Jordanians were expelled from the Arab Gulf countries, which accused Amman of supporting Iraq's invasion of Kuwait. — ( Jordan Times )
© 2000 Mena Report (www.menareport.com)