Jordan receives $2.8bn in remittances from abroad

Remittances from Jordanians living abroad has risen by 0.7 per cent during the period from January to September this year, the state-run Jordan News Agency (Petra) reported quoting figures released by the Central Bank of Jordan (CBJ).

According to the CBJ data, the total value of remittances from abroad increased to $2.8 billion by the end of September this year, up from $2.78 billion during the same period of 2016.

Last month it was revealed that the Jordanian government is planning to put in place austerity measures by the end of the year to tackle the country’s high and rising public debt has worried the International Monetary Fund and prompted a downgrade from Standard & Poor’s.

Tax hikes and subsidy cuts – likely to be highly unpopular – are on the agenda as the country’s debt to GDP ratio has reached a record 95 per cent, from 71 per cent in 2011.

The country’s economy has slowed, battered by the turmoil in neighbouring Syria and Iraq.

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