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Jordan Remittances Fall 10% as a Result of COVID-19 Blow

A view of Amman, Jordan, August 2017. [Thomson Reuters Foundation/Nadia Bseiso]
A view of Amman, Jordan, August 2017. [Thomson Reuters Foundation/Nadia Bseiso]
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Jordan Remittances Fall 10% as a Result of COVID-19 Blow

A view of Amman, Jordan, August 2017. [Thomson Reuters Foundation/Nadia Bseiso]
A view of Amman, Jordan, August 2017. [Thomson Reuters Foundation/Nadia Bseiso]

Jordan's remittances, one of the country's main sources of foreign currency, fell 10 % to $1.94 bln in the first seven months year-on-year, reaching levels it has not seen in over a decade due to the impact of COVID-19 pandemic on regional economies, central bank data showed.

The kingdom received $3.7 billion in remittances from abroad last year that comprise around 10% percent of its GDP, helping it beef up its $14 bln foreign reserves.

The IMF said the aid-dependent economy was expected to witness a sharp contraction this year which officials estimate at around 5% and the country's balance of payments strained by the collapse in tourism and weakening remittances.

Jordan has opened all sectors of the economy in a bid to revive its hard-hit economy.

The World Bank said remittances to the Middle East and North Africa region are projected to fall by 19.6 percent to $47 billion in 2020, following the 2.6 percent growth seen in 2019.

The anticipated decline was attributable to the global slowdown as well as the impact of lower oil prices in Gulf states, the world body said.

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Egypt's Headline Inflation Almost Halves in February

Birds fly at sunset in Cairo, Egypt, 09 March 2025. EPA/MOHAMED HOSSAM
Birds fly at sunset in Cairo, Egypt, 09 March 2025. EPA/MOHAMED HOSSAM
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Egypt's Headline Inflation Almost Halves in February

Birds fly at sunset in Cairo, Egypt, 09 March 2025. EPA/MOHAMED HOSSAM
Birds fly at sunset in Cairo, Egypt, 09 March 2025. EPA/MOHAMED HOSSAM

Egypt's annual urban consumer price inflation plunged to 12.8% in February from 24.0% in January, decelerating even faster than analysts had expected, official data showed on Monday.
The drop was amplified by a statistical base effect, as exceptionally fast price increases of the past two years were no longer reflected in the statistics, analysts said.
Fifteen analysts polled by Reuters last week had expected inflation to cool to a median 14.5%.
Month on month, prices were 1.4% higher in February than in January.
Food and beverage prices were up by an annual 3.7% after rising 0.2% from January.
Core inflation also plunged more than expected to 10% on year-on-year basis in February, from 22.6% in January, the central bank said.
Inflation climbed following the Russian invasion of Ukraine in early 2022, which prompted foreign investors to withdraw billions of dollars from Egyptian treasury markets. Headline inflation reached a record high of 38.0% in September 2023.
The price rises were fueled in part by rapid growth in the money supply. M2 money supply expanded by an all-time high of 32.1% in the year to end-January, central bank data showed.
Egypt devalued its currency a year ago, raised interest rates by 600 basis points and signed an $8 billion financial support package with the International Monetary Fund, helping to bring its finances under control.