Upsurge in Jordan’s exports and expat remittances – Cen Bank Governor

Exports were up 15.9% in 2010, while remittances and tourism revenues were also back in the black
Upsurge in Jordan’s exports and expat remittances – Cen Bank Governor
Jordan has recorded real growth in GDP in 2010 but current monetary and fiscal measures need to be continued
By Shane McGinley
Fri 07 Jan 2011 09:37 AM

Jordan saw an upsurge in national exports and expatriate remittances in 2010, the Governor of the Central Bank of Jordan (CBJ) said this week.

In a briefing to the House of Representatives' Financial Committee on the CBJ's future monetary and fiscal policy, Governor Sharif Fares Sharaf said national exports had seen a u-turn in 2010, recording growth of 15.9 percent. This compared to a drop of 19.8 percent in the same period in 2009.

Also back in the black were expatriate remittances, which rose 1.4 percent in 2010, against a drop of 5.6 percent in 2009. Tourism levels, which represent around 11 percent of Jordan’s gross domestic product, also soared 19.3 percent last year, compared to a dip of 0.6 percent in 2009.

While Sharaf said Jordan had recorded real growth in GDP in 2010, he said it was still below target. "The pace of economic growth made is still below the desired levels, and such a situation makes it incumbent to press with current monetary and fiscal measures," he told the Jordan News Agency.

He also reiterated the Jordanian dinar’s peg to the US dollar: "This policy has a key role in attracting domestic and foreign investments which will boost the national economy's efficiency and competitiveness."

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