Sharkas: The banking sector stands united behind His Majesty the King in support of his courageous positions in defending Jordan’s supreme interests and rejecting forced displacement.

Sharkas: The national economy has the resilience to overcome challenges and advance towards a more prosperous future.

Sharkas: The national economy has demonstrated remarkable stability and resilience in the face of regional and global challenges.

Sharkas: Jordan has a long-term roadmap for comprehensive reform across three key pillars—political, administrative, and economic.

Sharkas: The Central Bank’s foreign reserves have exceeded $21 billion, and the dollarization rate declined to 18.4% by the end of 2024.

Al-Salem: The Jordanian Banking Summit 2025 serves as a platform to enhance resilience and innovation in navigating economic transformations.

Al-Salem: His Majesty’s wise vision and leadership bolster national economic stability and strengthen Jordan’s position regionally and internationally.

Mohieddin: Jordan’s economic model and its coordinated approach between monetary and fiscal policies reflect a high level of professionalism and commitment to economic stability.

Saif: Jordan faces economic challenges due to refugee influxes and demographic pressures but maintains stability.

Lawrence: The global financial sector is undergoing rapid digital transformations.

 

The Association of Banks in Jordan convened the Jordanian Banking Summit 2025 on Saturday under the theme “Resilience and Innovation in the Banking Sector: Adapting to a Transforming Economy.” The event was held under the patronage of Dr. Adel Sharkas, Governor of the Central Bank of Jordan, with the presence of Mr. Bassem Khalil Al-Salem, Chairman of the Association of Banks, and several bank executives and directors from across the Kingdom.

The summit brought together a distinguished panel of experts to discuss key global and regional economic developments, explore future banking trends, and examine the impact of digital transformation and fintech on redefining banking operations.

In his keynote address, Dr. Sharkas reaffirmed the banking sector’s steadfast support for His Majesty King Abdullah II, praising his unwavering stance in defending Jordan’s national interests and his firm rejection of any form of forced displacement, in line with principles of justice and international legitimacy.

He emphasized that Jordan’s economy has demonstrated resilience and stability despite regional and global challenges, benefiting from structural economic and financial reforms implemented in recent years and the prudent monetary policies of the Central Bank, which have fortified the economy against external shocks.

Dr. Sharkas highlighted several positive economic indicators, particularly in external trade, which has outperformed expectations. He noted that national exports grew by 3.8% in 2024, reaching JOD 8.6 billion, while tourism revenue totalled JOD 5.1 billion, supported by an increase in visits from expatriate Jordanians and Arab tourists. Additionally, remittances from Jordanian workers abroad rose by 2.8%, reaching JOD 2.6 billion.

Regarding foreign direct investment (FDI), Dr. Sharkas reported that Jordan attracted JOD 906 million in FDI during the first three quarters of 2024, despite heightened regional uncertainty.

These economic gains contributed to real GDP growth of 2.4% during the first three quarters of 2024, with the Central Bank projecting sustained growth for the full year, exceeding IMF forecasts, and rising to 2.7% in 2025.

Dr. Sharkas reaffirmed Jordan’s long-term commitment to economic modernization, guided by a comprehensive reform roadmap spanning political, administrative, and economic dimensions. This approach provides a strategic framework for sustained reform efforts, ensuring alignment with the country’s Economic Modernization Vision.

On monetary policy, he stressed that the Central Bank remains firmly committed to preserving monetary stability. He pointed out that foreign reserves exceeded $21 billion, dollarization fell to 18.4% by the end of 2024, and inflation declined to 1.6%, with expectations to stabilize around 2% in 2025.

He also noted that the recent decision to increase the Central Bank’s capital to JOD 100 million from its own resources underscores its commitment to monetary stability and asset management efficiency. This move is expected to enhance the financial strength of the Central Bank, increase its flexibility in monetary policy implementation, and reinforce its pivotal role in stabilizing the national economy.

Dr. Sharkas commended the Jordanian banking sector for its vital role in mobilizing domestic and foreign savings, financing economic activities, and supporting the government’s financial needs. He praised the sector’s strong performance and continuous service improvements, which have positioned Jordanian banks among the most advanced in the region.

In his remarks, Mrs. Bassem Al-Salem, Chairman of the Association of Banks, underscored the significance of the Jordanian Banking Summit 2025 as a key platform for discussing banking and economic developments in a rapidly changing world. He stressed the importance of preparedness, adaptation, and innovation in addressing current challenges.

Salem expressed his pride in His Majesty King Abdullah II’s visionary leadership, emphasizing that His Majesty’s guidance strengthens Jordan’s economic stability and global standing.

He also extended his gratitude to the Central Bank Governor for his continued support and highlighted the importance of engaging banking executives and economic experts in discussions on regional and global economic trends.

Al-Salem noted that this year’s summit focuses on resilience and innovation in the banking sector amid a shifting global economy. He pointed out that rising inflation, changes in central bank policies, and increasing economic and geopolitical uncertainties require emerging markets to adapt to energy market fluctuations and financial disruptions.

He further emphasized that artificial intelligence (AI) is reshaping industries, enhancing efficiency, but also raising questions about the future of employment.

On the domestic front, Al-Salem highlighted that Jordan’s economy grew by 2.4% during the first nine months of 2024, with projections of 2.9% growth in 2025. Inflation remains at historically low levels, and most economic sectors have recorded positive growth, except for the construction sector, which contracted by 1.5%. Notably, exports increased by 5.2%, helping to reduce the trade deficit, while unemployment declined to 21.5%.

These indicators, he noted, reflect Jordan’s ability to maintain economic stability through prudent fiscal and monetary policies, strengthening international confidence in the economy and leading to an improved credit rating for the first time in 21 years.

He added that Jordan continues to implement its economic reform agenda, leveraging digital transformation and green economy initiatives, while enhancing the investment climate through improved financing conditions and efforts to attract foreign investment.

Discussing the banking sector, Al-Salem underscored its pivotal role in supporting the national economy, highlighting the sector’s resilience in adapting to crises and providing innovative financial solutions that maintain financial stability. However, he noted that rapid advancements in digital economy, AI, and fintech necessitate a reassessment of banking strategies to enhance innovation, efficiency, and sustainability.

At the conclusion of his speech, Al-Salem emphasized that this year’s summit agenda includes panel discussions with a distinguished group of experts to address global economic transformations, future banking expectations, and the impact of financial technology on the banking sector. These discussions aim to enhance banks’ readiness to adapt to changes and achieve sustainable development.

Meanwhile, economic expert Dr. Mohammed Mohiuddin stated that the global economy is undergoing fundamental transformations amid escalating geopolitical and economic risks, which pose significant challenges to financial and monetary stability in various countries.

He affirmed that Jordan’s economic model and its approach to coordinating monetary and fiscal policies reflect a high level of professionalism and commitment to economic stability.

He pointed out that Jordan has managed to maintain good economic stability despite global challenges, highlighting that strong coordination between the Central Bank and the Ministry of Finance has contributed to ensuring financial and monetary stability.

He added that Jordan’s economic reforms align with global changes, as the country has begun focusing on digital transformation, promoting green investments, and enhancing economic management efficiency—crucial steps to ensure economic sustainability in the coming years.

He noted that forecasts indicate Jordan’s economy will continue to grow at stable rates, benefiting from improvements in the tourism sector, increased exports, and foreign investment inflows. However, he emphasized that Jordan, like other nations, needs to expand its economic base and enhance economic diversification to reduce reliance on traditional sectors.

For his part, former Minister of Planning and International Cooperation, Dr. Ibrahim Saif, stated that Jordan faces significant economic challenges due to its geographical location and demographic pressures resulting from the increasing number of refugees. Despite these challenges, Jordan has maintained economic stability through balanced financial policies and prudent resource management.

Dr. Saif explained that one of the biggest challenges facing the Jordanian economy is the demographic pressure caused by refugees, noting that Jordan hosts 1.4 million refugees.

He stressed that Jordan is the second-highest country in the world in terms of the refugee-to-population ratio, which imposes significant challenges on infrastructure, the labor market, and public services, particularly in education, healthcare, and housing sectors.

Discussing economic performance, he pointed out that Jordan’s economic growth rate remained sluggish between 2011 and 2023, averaging 2.3%, compared to similar countries that experienced growth rates of 4.8% to 5% over the same period.

He noted that Jordan’s economy heavily relies on domestic consumption as the primary driver of growth, accounting for 84% of GDP, compared to other countries where this percentage is around 60%. This reflects an imbalance in economic structure, as investment and production should be the main drivers of growth rather than consumption alone.

Despite these challenges, Saif highlighted that Jordan’s Human Development Index (HDI) has improved significantly between 1990 and 2020, recording advancements in education, healthcare, and infrastructure.

He emphasized that Jordan needs a comprehensive development strategy that considers demographic changes, strengthens the investment climate, and diversifies sources of economic growth to ensure financial sustainability and achieve inclusive development that benefits all citizens.

Meanwhile, RFI Global CEO Matthew Lawrence stated that the financial services sector is undergoing rapid transformations driven by digital advancements, the rise of financial technology, and changing consumer behavior amid global economic challenges.

He explained that customer retention has become increasingly important as competition in the fintech sector intensifies, necessitating personalized technology-driven services to enhance customer experience.

He also pointed out that artificial intelligence plays a crucial role in enhancing security, preventing fraud, and delivering personalized services, although the level of AI adoption varies among financial institutions.