Currency
Dinar (JOD;
symbol JD) = 100 piastres or
1,000 fils. Notes are in
denominations of JD50, 20,
10, 5 and 1, and 500 fils.
Coins are in denominations
of JD1, 1/2 and 1/4; 10, 5,
2 and 1/2 piastres; and 1
and 1/2 qirsh.
Currency Exchange
Foreign
currencies can be exchanged
easily in banks and bureaux
de change. Most hotels also
provide exchange facilities.
The daily exchange rates are
published in local
newspapers.
Credit/Debit Cards and ATMs
American
Express, Visa, Diners Club
and MasterCard are accepted
in hotels restaurants and
larger shops. ATMs can be
found in most of the larger
towns and throughout Amman.
Traveller's Cheques
Those issued
by UK banks are accepted by
licensed banks and bureaux
de change. To avoid
additional exchange rate
charges, travellers are
advised to take traveller’s
cheques in US Dollars.
Banking Hours
Sat-Thurs
0830-1500. Hours during
Ramadan are 0830-1000,
although some banks open in
the afternoon.
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Jordan Nature - Travel Guide
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| Economy - Money - Business Profiles of Jordan |
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Jordan is a small country with limited
natural resources, but has improved much since its
inception as a country. Its current GDP per capita
soared by 351% in the Seventies. But this growth proved
unsustainable and consequently shrank by 30% in the
Eighties. But it rebounded with growth of 36% in the
Nineties. Just over 10% of its land is arable, and even
that is subject to the vagaries of a limited water
supply. Rainfall is low and highly variable, and much of
Jordan's available ground water is not renewable.
Jordan's economic resource base centers on phosphates,
potash, and their fertilizer derivatives; tourism;
overseas remittances; and foreign aid. These are its
principal sources of hard currency earnings. Lacking
forests, coal reserves, hydroelectric power, or
commercially viable oil deposits, Jordan relies on
natural gas for 10% of its domestic energy needs. Jordan
used to depend on Iraq for oil until the Iraq invasion
in 2003 by the United States. Since 1987,
Jordan has struggled with a substantial debt burden and
rising unemployment. In 1989, efforts to increase
revenues by raising prices of certain commodities and
utilities triggered riots in the south. The mood of
political discontent that swept the country in the wake
of the riots helped set the stage for Jordan's moves
toward democratization. Macro-economic trend
Although the population
is highly educated, its high growth rate
(3.4% in the late 1990s, but 2.8% since
2003 and declining) and relative youth
(more than 50% of Jordanians are under
16) make it difficult for the economy to
generate jobs and sustain living
standards. However, campaigns to boost
female education and awareness about
contraceptives have since gradually if
somewhat belatedly reduced population
growth. It is expect to remain over 2.5%
till the end of the decade.
Jordan's geographic disposition and sole port of Aqaba puts it far from other markets makes its exports expensive to deliver. The problem is further compounded by complicated government procedures and bureaucratic culture. A further problem remains emphasis on large scale foreign investment and limited programs to enhance local enterprise and productivity. This in turn means that several industries in Jordan are protected by the government and run near local monopolies (these include the Jordan Refinery Company among others, where steel and cement imports are limited) and government levies on raw materials generally translate to higher costs of production. A further problem can be found in local small and medium sized enterprises local and regional outlook rather than an orientation towards broader export markets. Political disputes among its traditional trading partners—Iraq, Saudi Arabia, and the Gulf states—frequently restrict regional trade and development. King Abdullah II has encouraged his government to liberalise the economy, improve economic ties in the region, and seek opportunities in the global information economy. External trade Since 1995, economic growth has been low. Real GDP has grown at only about 1.5% annually, while the official unemployment has hovered at 14% (unofficial estimates are double this number). The budget deficit and public debt have remained high and continue to widen, yet during this period inflation has remained low due mainly to stable monetary policy and the continued peg to the United States Dollar. Exports of manufactured goods have risen at an annual rate of 9%. Monetary stability has been reinforced, even when tensions were renewed in the region during 1998, and during the illness and ultimate death of King Hussein in 1999. Expectations of increased trade and tourism as a consequence of Jordan's peace treaty with Israel have been disappointing though not unexpected. Security-related restrictions to trade with the West Bank and the Gaza Strip have led to a substantial decline in Jordan's exports there. Following his ascension, King Abdullah improved relations with Arabic states of the Persian Gulf and Syria, but this brought few real economic benefits. Most recently the Jordanians have focused on WTO membership and a Free Trade Agreement with the U.S. as means to encourage export-led growth. Investment
The stock market
capitalisation of listed companies in
Jordan was valued at $37,639 million in
2005 by the World Bank. |
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