Remittances fall to $20.5bn

[AZ1]

KARACHI: Due to the Ramazan factor, the remittances sent by overseas Pakistani workers grew 27.4 per cent month-on-month in March, but the country lost $2.5 billion in the first nine months of FY23 due to an artificial exchange rate cap.

The State Bank of Pakistan (SBP) reported on Monday that remittances rose to $2.5bn in March against $1.9bn in February. However, the inflows dipped 10.71pc when compared with the $2.8bn the country received in March last year.

Bankers and currency dealers were expecting higher remittances as overseas Pakistanis used to remit more in the holy month for their families and also for charity purposes including Zakat. Currency dealers said remittances usually increase in the range of 15 to 20pc during the fasting month.

“With the cumulative inflow of $20.5bn during the first nine months of FY23, the remittances recorded a decline of $2.491bn when compared with $23.018bn remitted during the same period last year,” the central bank data showed.

Remittances fall to $20.5bn

The country loses $2.5bn in the first nine months of FY23 due to an artificial exchange rate cap.

www.dawn.com

 

[ProudThamizhan]

Why restricted change rate ? If they get more PKR they will send more USD, so Pakistan should open up the rate for such remittances

 

[313ghazi]

KARACHI: Due to the Ramazan factor, the remittances sent by overseas Pakistani workers grew 27.4 per cent month-on-month in March, but the country lost $2.5 billion in the first nine months of FY23 due to an artificial exchange rate cap.

The State Bank of Pakistan (SBP) reported on Monday that remittances rose to $2.5bn in March against $1.9bn in February. However, the inflows dipped 10.71pc when compared with the $2.8bn the country received in March last year.

Bankers and currency dealers were expecting higher remittances as overseas Pakistanis used to remit more in the holy month for their families and also for charity purposes including Zakat. Currency dealers said remittances usually increase in the range of 15 to 20pc during the fasting month.

“With the cumulative inflow of $20.5bn during the first nine months of FY23, the remittances recorded a decline of $2.491bn when compared with $23.018bn remitted during the same period last year,” the central bank data showed.

Remittances fall to $20.5bn

The country loses $2.5bn in the first nine months of FY23 due to an artificial exchange rate cap.

www.dawn.com

@fisher1 will be missing from this thread. It doesn't suit his anti PTI narrative. According to faujeets economy is doing fine, all overseas Pakistani are sending more money than ever before.

What was i telling you? Compared to previous years - there has been a decline, this despite us now getting an amazing exchange rate. In the past I've known people to borrow money to send to Pakistan when the exchange rate was good.

At 360PKR for 1GBP we should be throwing money at Pakistan, anyone who sends money over now, in the long term over 10 years or so will very likely be a winner. The thing is - most people don't even know if their money will be safe in their bank accounts under the current crooks.

 

[fisher1]

@fisher1 will be missing from this thread. It doesn't suit his anti PTI narrative. According to faujeets economy is doing fine, all overseas Pakistani are sending more money than ever before.

What was i telling you? Compared to previous years - there has been a decline, this despite us now getting an amazing exchange rate. In the past I've known people to borrow money to send to Pakistan when the exchange rate was good.

At 360PKR for 1GBP we should be throwing money at Pakistan, anyone who sends money over now, in the long term over 10 years or so will very likely be a winner. The thing is - most people don't even know if their money will be safe in their bank accounts under the current crooks.

I caught you lying and spreading propaganda. Not interested in engaging further arm

 

[Hexlor]

I caught you lying and spreading propaganda. Not interested in engaging further arm

Weren't you the one that claimed remittances aren't declining?

 

[313ghazi]

Weren't you the one that claimed remittances aren't declining?

He's not interested in talking about his lies. He wants to focus on a turn of phrase.

 

[AZ1]

@fisher1 will be missing from this thread. It doesn't suit his anti PTI narrative. According to faujeets economy is doing fine, all overseas Pakistani are sending more money than ever before.

What was i telling you? Compared to previous years - there has been a decline, this despite us now getting an amazing exchange rate. In the past I've known people to borrow money to send to Pakistan when the exchange rate was good.

At 360PKR for 1GBP we should be throwing money at Pakistan, anyone who sends money over now, in the long term over 10 years or so will very likely be a winner. The thing is - most people don't even know if their money will be safe in their bank accounts under the current crooks.

I placed him on ignore list, he has some mental issues. Wouldnt resolve on pdf.beter not give him attention.

 

[maithil]

Don't think this Govt has taken this dip in account while calculating CAD for the year. So now they have another 3 Billion gap to fill.

 

[nahtanbob]

@fisher1 will be missing from this thread. It doesn't suit his anti PTI narrative. According to faujeets economy is doing fine, all overseas Pakistani are sending more money than ever before.

What was i telling you? Compared to previous years - there has been a decline, this despite us now getting an amazing exchange rate. In the past I've known people to borrow money to send to Pakistan when the exchange rate was good.

At 360PKR for 1GBP we should be throwing money at Pakistan, anyone who sends money over now, in the long term over 10 years or so will very likely be a winner. The thing is - most people don't even know if their money will be safe in their bank accounts under the current crooks.

to be fair remittances and textile exports are independent of who rules Pakistan

 

[AZ1]

to be fair remittances and textile exports are independent of who rules Pakistan

this is what we used to think but it all changed after imran khan came and remittance went to $29 Billion

 

[nahtanbob]

this is what we used to think but it all changed after imran khan came and remittance went to $29 Billion

Was it sustained flow ? Or a one time thing ? It does not make sense

I remember plenty of Imran Khan fund raising initiatives flopping

Dam fund hits Rs10bn mark; PM Khan lauds 'generosity' of Pakistanis

The fund was started last year in July by the then Chief Justice Saqib Nisar.

www.dawn.com

 

[Imran Khan]

Giving dollars to this fasict gov and establishment means joing crimes of them helping them to supress pakistanis

 

[nahtanbob]

Giving dollars to this fasict gov and establishment means joing crimes of them helping them to supress pakistanis

remittances are for family members and relatives. the benefits to the state of Pakistan is indirect

 

[Imran Khan]

remittances are for family members and relatives. the benefits to the state of Pakistan is indirect

Then better send by hundi get more money and have transfer in minutes .

 

[nahtanbob]

Then better send by hundi get more money and have transfer in minutes .

In both cases the state of Pakistan benefits indirectly. the remittance takes pressure off the official exchange rate