Pakistan: Remittances set to cross record $28bln this year

[Norwegian]

thank you nawaj sharif!

Thank you Ishaq Dollar @muhammadhafeezmalik @Tameem @Mav3rick

 

[Jazzbot]

PTI isn't fixing anything. Its IMF stupid. They are running the show.

Problem is what happens once IMF is no longer there..... yeah more spending out of thin air. We again go to IMF and cycle continues.

PTI haven't done shit apart from devaluation forced by IMF which helped exports. Look what PTI can fix instead.

Remember circular debt was supposed to be 0 by end of 2020?

So IMF is forcing 2 million Pakistanis working abroad (including me) to send $28 billion annually back to Pakistan? WoW..

 

[Bilal.]

With Ramzan and 2 eids still to come it may swell to $30 billion.

 

[Baby Leone]

And we have people wanting outright enmity with GCC. Half of those remittances are from GCC.

they are not giving any favor or free money its hard earned by Pakistanis living there and working hard for their development, stop taking your country for granted.

 

[TNT]

they are not giving any favor or free money its hard earned by Pakistanis living there and working hard for their development, stop taking your country for granted.

Nothing is free, but if we are not careful with our foreign policy, we ll lose this soirce of income too. They can easily replace Pakistani workers with cheap indian labour.

 

[xuxu1457]

Overseas workers have made outstanding contributions to the country.Salute them.

 

[AZ1]

Govt did good in stopping hundi system.

 

[Baby Leone]

Nothing is free, but if we are not careful with our foreign policy, we ll lose this soirce of income too. They can easily replace Pakistani workers with cheap indian labour.

again i would only say they are not giving any favor to hire Pakistani labor as they also getting benefit or else they would have replaced them with indians long time ago, stop taking yourself for granted and these overseas Pakistanis are our strength and we have made them our weakness. when will we learn how to play.

 

[Ahmet Pasha]

Pakistan: Remittances set to cross record $28bln this year

Overseas Pakistanis residing in UAE and Saudi Arabia will contribute more than 50% of total remittances

An employee hands over a bundle of Pakistan rupee banknotes.

Getty Images


By Muzaffar Rizvi, Khaleej Times
Pakistan is expected to receive record remittance inflows of up to $28 billion this year. This comes as initiatives launched by the government and central bank to facilitate overseas workers have started yielding positive results despite challenges posed by the Covid-19 pandemic.
Overseas Pakistanis residing in Gulf states in general, and the UAE and Saudi Arabia in particular, are likely to maintain an upward momentum in remittances. They contributed 60.14 per cent of the total inflows during the July-December 2020 period.
Pakistan received $14.203 billion remittances during the first half of the financial year 2020-21, against $11.37 billion in the same period last year — a strong growth of 24.9 per cent. This is the highest half-yearly growth since financial year 2006-07.
“This strong growth in workers’ remittances is attributable to the increased use of formal channels on the back of sustained efforts by the government and State Bank of Pakistan to encourage inflows through official channels,” said the central bank in a statement.
Limited cross-border travel due to the second wave of the Covid-19 pandemic, along with favourable foreign exchange market dynamics, also were key factors.
$2.96 billion remittances from the UAE
Overseas Pakistanis residing in the UAE remitted $2.96 billion during the July-December 2020 period, compared to $2.78 billion in the corresponding period last year — a growth of 6.5 per cent.
Workers residing in Dubai sent 5.6 per cent more money back home, as they remitted $2.45 billion during the first half of fiscal year 2020-21. Overseas Pakistanis in Abu Dhabi and Sharjah sent $418.4 million and $34.5 million in remittances, respectively, showing an increase of 5.6 per cent and one per cent.
Remittances from Saudi Arabia
Remittance inflows from Saudi Arabia also recorded a significant increase during the first half of fiscal year 2020-21. Overseas Pakistanis remitted $3.96 billion, compared to $3.17 billion in the corresponding period last year — a growth of 24.6 per cent.
“Workers residing in other GCC countries remitted $1.62 billion as against $1.52 billion in the same period last year, reflecting a growth of 6.6 per cent,” according to State Bank of Pakistan (SBP), the central bank.
In December, Pakistan received $2.4 billion remittances, compared to $2.1 billion in December 2019, showing an increase of 16.2 percent.
This is the seventh month in a row that remittances crossed the $2 billion mark. It provides a new lifeline to a struggling Pakistan economy, which is expected to return to growth this year.
UK, EU and US
In addition to the Gulf region, remittance inflows from the United Kingdom rose to $1.88 billion from $1.23 billion in the same first-half period last year, recording a record growth of 51.7 per cent. Pakistanis residing in European Union states remitted $1.29 billion, showing a strong growth of 41.7 per cent.
Remittances from the United States also registered a growth of 47.5 per cent with $1.2 billion remitted during the July-December 2020 period, against $816.8 million remitted in the previous year.
Experts’ analysis
Analysts said the country may receive record remittances of up to $28 billion if the similar upward growth trend continues in the second half ending on June 30, 2021. Pakistan received $23 billion in remittances during the financial year 2019-20.
Muzammil Aslam, managing director of Next Capital, said remittances hit $14.2 billion in the first six months of the fiscal year 2020-21 — up 24.2 per cent from last year.
“Interestingly, the government’s full year target is $21 billion while the central bank expects remittance inflows ranging between $24 billion to $26 billion. The current run rate indicates that inflows may hit $28.4 billion,” Aslam told Khaleej Times on Saturday.
“Tangent Capital expects low travelling volumes, improved product profiles including introduction of Roshan Digital, and more digitisation will keep remittances to robust this year,” he added.
Samiullah Tariq, head of Research and Development at Pakistan Kuwait Investment Company, said the recent increase is due to restriction on physical travel, anti-money laundering efforts by the government, people shifting to digital channels for transfer of money, and incentives to banks for facilitating remittances.
“I strongly believe that the increase in remittances should continue in the second half of fiscal year 2020-21,” Tariq told Khaleej Times on Saturday.
As per latest data by the central bank, about 70,000 Roshan Digitial Accounts have been opened so far and received $288 million from the overseas Pakistanis.
Remittance inflows have also helped increase foreign exchange reserves held by the central bank, which have now climbed to $13.41 billion, compared to $10.10 billion on July 12 at the start of the current fiscal year.
Copyright © 2021 Khaleej Times. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
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@Zibago @ziaulislam @Syed1. @Patriot forever @koolio @Jazzbot @Mrc @Path-Finder

İf all overseas Pakistanis in Europe and North America send $20 every month. How much would that be?
Anyone handy with Maths on here?

 

[Enigma SIG]

PTI isn't fixing anything. Its IMF stupid. They are running the show.

First Establishment.
Then Yahoodis.
Then Modi.
Then GCC.
Then US Deep State.
Then UK Deep State.
Then Shias.
Now IMF.

Make up your mind chacha.

 

[TNT]

again i would only say they are not giving any favor to hire Pakistani labor as they also getting benefit or else they would have replaced them with indians long time ago, stop taking yourself for granted and these overseas Pakistanis are our strength and we have made them our weakness. when will we learn how to play.

Its not like we provide them specialized and highly skilled man power. Most are manual labourers, drivers, household workers, nothing that requires specialization. And yes they can easily replace them with bangladeshis, indians, phillipinos, indonesians. Our previous govts been requesting them to increase intake from us. You call it taking urself for granted but i call it reality. You can be proud of your unskilled labour which u think cannot be replaced while sane people would like to remain in reality and address that and work on economy so we dont sit and wait for remittances.

Overseas Pakistanis are our strength but that doesnt mean we fully rely on them and so much that if a few countries kick out our labour, our economy will sink. We need to reduce reliance and till then, we need to be careful about our foreign policy as we are dependant upon others.

 

[ghazi52]

Thank you for the hard earned money by Pakistani aboard.
Great news, but should be utilized properly.
Not going to Pak Steel, PIA, Power sector and corruption.

 

[The Accountant]

thanks to khwaja asif and FATF (explanation available upon demand from any decent poster or mod)

Khwaja asif ?

 

[doorstar]

Khwaja asif ?

yes, by leaking the names of the countries who were voting to keep Pakistan out of the list. thus giving America the time to coerce and bribe them to change their vote.

What a *********

I am hoping that this here porno-loving molvi sahb has left for good this time. @krash @Foxtrot Alpha

 

[VCheng]

yes, by leaking the names of the countries who were voting to keep Pakistan out of the list. thus giving America the time to coerce and bribe them to change their vote.

As if USA did not know that already?