The return of financial flows from Iraq to Jordan

The return of financial flows from Iraq to Jordan


21/07/2014






BAGHDAD / JD / .. Jordanian bankers said that the Jordanian banking market to recover gradually with the return of financial flows, from Iraq to normal, after weeks of unrest.
They said in interviews told Anatolia, it did not register during the last months of any cases on suspicion of laundering money from abroad to Jordan, despite the turmoil in the region, and continued fighting in neighboring countries namely Syria and Iraq.
The officials added that the exchange firms concerned, impose strict controls on remittances coming to Jordan, from the outside, including belonging to Jordanian citizens, working in other countries.
They pointed out that recipients of remittances, even though Jordanian obliged to disclose, the source of the funds transferred to it from the outside, which reduces the likelihood of a money-laundering operations.
The estimated volume of transactions of exchange companies in Jordan, every year about 2.3 billion dollars, and vary from year to year according to the activity of trade and tourism and remittances from Jordanians working abroad. And usually sees the states, which is suffering from disorders remittances abroad, and money laundering operations.
Said Alaa Deiranieh president of the Association of Jordanian money changers, that remittances to Jordan, are in accordance with the rules, did not register any suspicions of money laundering, during the past few months, despite the circumstances surrounding Jordan's neighboring countries, such as Syria and Iraq.
And turmoil prevail areas of northern and western Iraq after organizing Daash control large parts of Nineveh province (north) in full, including the city of Mosul, in the tenth of June last. The same thing happened in the cities of Salahuddin province and the city of Kirkuk in Kirkuk province (north) and accepted by the most famous cities in Anbar province (west).
He Deiranieh that financial flows from Iraq to Jordan, began gradually to return to normal levels, after it fell so much because of the fighting there.
The Deiranieh has said in previous statements, told Anatolia in mid-June last year, the remittances from Iraq to Jordan dropped by 20% since the deterioration of the security situation in Iraq.
He said that the exchange market Local started to recover a few days ago, driven by rising remittances from Jordanians working abroad to their families with the approaching Eid al-Fitr, as well as high demand Syrians living in Jordan to replace the dollar dinar, to finance their purchases of real estate, buy their daily needs. He pointed out that the high Deiranieh Jordan's exports, especially of vegetables, also contributed to move the market.
He said there is a great demand for the Jordanian dinar, in the domestic market, estimated growth in demand for buying the dinar during the past few days by an estimated 5%.
It is noteworthy that the Central Bank of Jordan said Thursday that remittances of Jordanians working abroad, rose during the first five months of this year, an increase of 3.8% for the same period last year to reach 1.49 billion dollars.
Said Abdul Salam Saudi, one of the official exchange companies, said demand in the foreign exchange market is focused on the Jordanian dinar, and there are no applications to remember the rest of currencies, despite the availability dramatically.
He added that 95 percent of financial flows to Jordan, in the current period, dating back to the Jordanians working abroad, which is subject to censorship, fear of money laundering operations, which constitutes a nuisance to recipients of remittances.
The volume of deposits in Jordanian Dinars by 16% during the first five months, this year, reaching 38.79 billion dollars, of the total deposits in Jordanian banks of 49.62 billion dollars.
Since 1995 connects Jordan currency dinar in U.S. dollars at an average price 709 "Fils" for the dollar, with the aim of achieving a greater degree of stability in the exchange rate of the dinar, while the rest of the foreign currencies of other major, is determined exchange rate against the dinar according to the developments of exchange rates of those currencies against the dollar in global capital markets. The total foreign currency deposits during this period to $ 10.83 billion.
Jordan is facing an economic crisis worsened in the last 3 years ago, due to the high budget deficit is estimated that this year 1.5 billion dollars, and the arrival of the public debt to 83% of the GDP of the country.
The Syrian refugees, who were greeted by Jordan and number about 1.5 million refugees, a large financial burden on the budget, where the government recently announced its need for about 4.12 billion dollars to finance the basic needs of Syrian refugees. / End / / 22

[You must be registered and logged in to see this link.]