Saudi riyals and Jordanian dinars are in high demand and have a stable exchange rate

Al-Anbat- Mays Alshawabkeh 

Firas Sultan, a member of the Jordan Chamber of Commerce's board of directors and a representative of the country's banking and financial sector, claimed that the local currency market is stabilizing and that demand for Jordanian dinars and Saudi riyals increased as a result of the rise in Umra performers during this time. He added that demand for foreign currency is typical.

He stated to the Jordanian news agency Petra on Monday that while remittances from Jordanian expatriates working in the Gulf states are rising for this time of year, the movement of remittances originating from Jordan is at normal levels and moving for import purposes. 

The Service creates sectoral subcommittees for the banking and financial industries. These groups collaborate, report issues, and find solutions. The industry, which accounted for about 50% of Jordan's GDP, includes banking, financial intermediation, insurance, insurance intermediaries, financial leasing, microfinance, and banks. Sultan urged the execution of the sector's recommendations for economic modernization, noting that investment requires resources and tools to grow, including the Amman Financial Market, which requires assistance as a reflection of Jordan's international economy. 

Alaa Diranya, the secretary of the Jordanian Cashiers' Association, said that the demand for Jordanian dinars has been very high for a month because of the many costs, charges, taxes, and other obligations that fall due in December and the following month and that the average citizen must pay to the government in connection with the year's end. 

Due to weak demand, which was reflected in the movement of the domestic exchange market due to the slowdown in import and export movement as well as the presence of pressures from Jordan's cost of living and standard of living, Diranya believed that the delayed rainy season had a negative impact on the returns of the commercial market.

 

The global economy is being impacted by a slowdown in growth in America, China, and the eurozone as well as by the war in Russia and Ukraine and the pandemic's aftermath.

Since the start of this year, all European currencies and gold have increased against the US dollar in response to US economic data, particularly US federal revenue increases that caused interest rates to rise by slightly less than previous highs, though higher interest rates did not reduce high inflation.