Remittances Remain Over $2 Billion For the Eighth Consecutive Month

[Morpheus]

Remittances Remain Over $2 Billion For the Eighth Consecutive Month

Posted 50 mins ago by Jehangir Nasir

Remittances from overseas Pakistanis maintained the support, exceeding $2 billion for the eighth consecutive month, and amounted to $2.3 billion in January 2021, up by 19 percent over January 2020. However, remittances remained slightly lower from the December 2020 level of $2.4 billion.

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On a cumulative basis, workers’ remittances reached $16.5 billion during July-Jan FY21, registering a 24 percent increase over the same period last year.
A large part of workers’ remittances during July-Jan FY21 was sourced from Saudi Arabia ($4.5 billion), United Arab Emirates ($3.4 billion), United Kingdom ($2.2 billion), and United States ($1.4 billion).
A.A.H Soomro, Managing Director at Khadim Ali Shah Bukhari Securities, while commenting on the remittances, said,
“Pakistan continues to enjoy benefits of lower travel, formal channels Roshan Accounts, rising asset values and Economic/Currency stability. This is a super healthy trend that needs to be continued. Keep the reserves up and do not squander the war chest.”

https://twitter.com/x/status/1361167098672599041

This sustained increase in workers’ remittances largely reflects the growing use of banking channels that is attributed to continuous efforts by the Government and SBP to attract inflows through the official channels, limited cross-border travel amid the second wave of COVID-19, and flexible exchange rate regime, SBP commented.
The country continues to enjoy the benefits of the increasing use of formal channels, Roshan Digital Accounts rising asset values, and currency stability.

The healthy inflows of remittances have played pivotal support towards the sustainability of the current account, which remained in surplus for the past six months.
Prime Minister Imran Khan also highlighted the development while congratulating the Overseas Pakistani community on the achievement.

https://twitter.com/x/status/1361194721830440967

According to Topline Securities, a decade ago, Pakistan was earning on average 86% of what Bangladesh used to earn in remittances. In the last 8 years, Pakistan’s remittances have surpassed Bangladesh by an average of 28%.

Remittances Remain Over $2 Billion For the Eighth Consecutive Month

Remittances from overseas Pakistanis maintained the support, exceeding $2 billion for the eighth consecutive month, and amounted to $2.3 billion in

propakistani.pk

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[aasimanwaar]

If same speed they go, at end of year we will achieve 28.23 which is impressive.

And exports to be around 25 will make total 53.23, which should be more then imports.

Also 48kbillion target of revenue seems very much achievable.

On base of above if achieved we can conclude gov achieved there biggest goals for 2021.

 

[Patriot forever]

If same speed they go, at end of year we will achieve 28.23 which is impressive.

And exports to be around 25 will make total 53.23, which should be more then imports.

Also 48kbillion target of revenue seems very much achievable.

On base of above if achieved we can conclude gov achieved there biggest goals for 2021.

In my humble opinion remittances will be between 26-28b and exports between 24-25b.
Tax revenue will be around 4.5t.

CAD will be in a range of -ve 1-1.5b.
GDP growth will be around 3-4.5%.

LSM Quantum index will break records.

Overall these are impressive figures.

 

[Mrc]

In my humble opinion remittances will be between 26-28b and exports between 24-25b.
Tax revenue will be around 4.5t.

CAD will be in a range of -ve 1-1.5b.
GDP growth will be around 3-4.5%.

LSM Quantum index will break records.

Overall these are impressive figures.

Actually ramazan and two eids are coming that are the biggest months for remittances so 28 b figure seems likely...


Exports must pick up to 2.5 b in next few months and LSM shud remain at these levels... Than opposition is doomed

 

[Patriot forever]

Actually ramazan and two eids are coming that are the biggest months for remittances so 28 b figure seems likely...


Exports must pick up to 2.5 b in next few months and LSM shud remain at these levels... Than opposition is doomed

Yes ramadan brings in more remittances. IA this will hold true for this year as well.

Exports most likely will be in 2-2.3b range, that in itself would be encouraging. Above that will be a bonus. Textile exports in an ideal situation are higher by the end of the year with the start of lawn season.

LSM is very much covered growth will only increase YoY in the coming months. Feb is just a month to look out for. Jan stats will be good. From March it will be a comfortable high digit growth with peak in April due to low base effect. So far we have the highest cumulative index in 1H FY2, even higher than in the peak years of Plmn 2016-17.

Rising oil prices and coal prices is a concern we need to look out for.

 

[HttpError]

Keep devouring remittance from Non-Resident Pakistanis but don't offer them any facility in return. The way overseas Pakistanis are treated abroad, on airports, their land is over taken by the Land mafia and the list goes on and on. No wonder why our priorities are so messed up.

 

[ghazi52]

Imran Khan

@ImranKhanPTI

Remittances from overseas Pakistanis were $2.27 bn in Jan, up 19% over Jan 2020 - 8th consecutive month of remittances above $2b. To date in this fiscal year they are up 24% compared to last yr. This is a record for our country and I thank our overseas Pakistanis.

11:44 PM · Feb 14, 2021·

 

[Morpheus]

HEADLINES
February 18, 2021
Govt will utilise foreign remittances to boost economic growth: PM

SBP announces reduction in transfer fee to $5-9, irrespective of amount being sent
By
APP

ISLAMABAD: Prime Minister (PM) Imran Khan on Thursday said that the government was committed to facilitating overseas Pakistanis in translating their financial contribution into the country’s economic growth.

He said that Roshan Digital Accounts, introduced for overseas Pakistanis to send money to Pakistan with ease, would help stabilise the local currency.

Addressing at an event by State Bank of Pakistan (SBP) to mark Roshan Digital Accounts crossing $500 million in foreign remittances, the prime minister said that the government’s strategy to involve the banking sector had yielded successful results in increasing foreign remittances.

The ceremony held at PM House was attended by Finance Minister Abdul Hafeez Sheikh, PM’s Adviser on Institutional Reforms Dr Ishrat Hussain, Commerce Advisor Abdul Razak Dawood, along with brand ambassadors of banks including squash legend Jahangir Khan, and former cricketers Rameez Raja and Waqar Younis.

It may be noted here that overseas Pakistanis from 97 countries have opened over 80,000 Roshan Digital Accounts and sent $500 million to the country in the last five months.

https://twitter.com/x/status/1362334935613202433

The premier asked the State Bank of Pakistan (SBP) to maintain constant contact with Pakistani community abroad and set up a round-the-clock facilitation cell to help them with opening an account and related queries, further stressing over the need for a more focused and innovative advertisement campaign for marketing Roshan Digital Accounts on electronic media across the world.

He also urged banks to also focus on two more sectors, including the Naya Pakistan Housing project and Small and Medium Enterprises (SMEs). “Both of these areas are important in improving the lives of the common man.”

The prime minister said that all of the country’s economic indicators were witnessing positive trends despite the coronavirus pandemic, adding that the volume of Pakistan’s exports crossed its competitors in the sub-continent, including India and Bangladesh.

Speaking on the occasion, SBP Governor Dr Reza Baqir said overseas Pakistanis could open their accounts with Pakistani banks from their computers at homes, without going to embassies, adding that deposited money was directly repatriable to the bank-account holder, which was not possible earlier without the central bank’s permission.

He also announced that the transfer fee on transactions would be reduced over many requests by overseas Pakistanis. A transfer fee of only $5-9 would now be charged, irrespective of how large the amount is.

Furthermore, the prime minister awarded banks for their performance towards Roshan Digital Accounts, including UBL for opening the highest number of accounts, Meezan Bank for receiving the highest amount in Roshan Digital as well as the highest amount for Islamic Naya Pakistan certificates, HBL for the highest amount received in conventional Naya Pakistan certificates and Bank Alfalah in appreciation of its marketing efforts.

Moreover, overseas Pakistanis from the United States (US), United Kingdom (UK), Saudi Arabia, Oman and Bahrain, who were participating via video-link, lauded the prime minister’s initiative for its high interest rate and suggested proposals to include local currency conversion and ensure information privacy.

Govt will utilise foreign remittances to boost economic growth: PM

ISLAMABAD: Prime Minister (PM) Imran Khan on Thursday said that the government was committed to facilitating overseas Pakistanis in translating their financial contribution into the country's economic

profit.pakistantoday.com.pk

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[shah_123]

There's nothing to be happy about all this --- this just means that we have no job opportunities and people are leaving the country ---