Monday 9 December 2019

Arvind Mylar

Remittances to Jordan from UAE increase 5pc

DUBAI, April 30, 2018

Xpress Money, a global money transfer brand, has also witnessed a five per cent increase in remittances from UAE to Jordan in March as against the same period last year.

In January, global remittances to Jordan increased by 4 per cent as compared to the same month last year, according to the Central Bank of Jordan. The value of remittances reached $308.2 million, compared with $296.3 million in January 2017.

Xpress Money is offering remittance services from UAE to Jordan at an affordable transfer fee of Dh15 only, available at over 580 Xpress Money locations in the UAE, said a statement.

Expat remittances play a key role in Jordan’s economy as a prominent source of foreign currency inflows, along with commodity, service exports, grants and foreign aid. About 70 per cent of foreign remittances come from the GCC, and the rest from US and Europe. Remittances from the UAE, which is home to over 200,000 Jordanians, make up a large portion of the inflow into the country.

Arvind Mylar, vice president – Business Development (MEASA & CIS), Xpress Money, said: “The stabilization of remittances and trends showing signs of resurgence, are great for the Jordanian economy. A recent report issued by Jordan Strategy Forum also emphasized on the need for Jordan’s government to take proactive steps for improving policies for expats.”

“The report also concluded that, remittances have a positive impact on the national GDP and the real GDP per capita income of Jordanians as well as on bank deposits and bank credit to local companies. At Xpress Money, we have always believed in the positive macro and microeconomic impact of remittances, and therefore, we constantly work to offer more affordable and convenient money transfer solutions to both, the sender and the receiver. Apart from the low transfer fee of Dh15, we also offer great exchange rates so that people receive better value from their remittances,” he noted.

As per estimates, there are over 750,000 Jordanian expats around the world, with most of them living in Gulf countries. Through Xpress Money, Jordanian expats around the world can send money instantly to over 125 locations in Jordan, said Mylar. – TradeArabia News Service

Tags: Jordan | Remittances | Xpress Money |

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