Pakistan Remittance Growth: In Pakistan, the economic situation is certainly not good and inflation is also at a peak here, but still for the last few months, there has been a sudden increase in the money coming from abroad. Here, in the first eight months of this financial year, nearly two billion dollars or more have been received every month (Pakistan Remittance Growth). The biggest reason behind this is the decline in the cases of sending money from abroad through hawala and handi and the increase in the amount coming through banking. This is the reason that the remittance is increasing in money coming from outside.
According to reports, Pakistan is currently part of the gray list of the FATF, which curbs terrorist funding. He is trying his best to get out of it and is working on its 27 points. In an attempt to get out of the list, strict rules have been brought in (Pakistan Remittance Data). This is also a reason for increase in remittance. According to the data of the State Bank of Pakistan, this year, February has been the 9th consecutive month when remittances have recorded more than two billion dollars.
The highest amount came from these countries
The money sent by Pakistanis working abroad has been $ 2.266 billion in the month of February. If you compare it with the remittance of last year, then this time a growth of 24.2 percent has been observed. From July of last year to February of this year, the remittance of those working has increased to 18.7 billion dollars. This is 24.1 percent higher than the remittance of the same period last year (Pakistan Remittance By Country). Among the countries from which the money has been sent, Saudi Arabia is on the first place, the United Arab Emirates on the second, Britain on the third and America on the fourth place.
What are the big reasons?
Now let’s talk about how much money has come from which country. So $ 5.0 billion came from Saudi Arabia, $ 3.9 billion from the United Arab Emirates, $ 2.5 billion from Britain and $ 1.6 billion from America. The ease of the banking process is the biggest reason for this achievement (Pakistan Remittance News). For this, the Government of Pakistan and the State Bank of Pakistan have taken many measures. Apart from this, the restrictions imposed due to the Coronavirus epidemic have made it difficult to travel across the border. Also, the cost of medical treatment to fight the epidemic and the money coming for welfare work has also increased the remittance.
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