KARACHI: According to the State Bank of Pakistan the remittances level from Pakistani working abroad, has raised to the level of $1.1 bn as compared to $791.18 million received during the same period last year. The increase in term of percentage is 38.57% and $305.13 million in dollar terms. This is the fifth consecutive month that Pakistanis working abroad have remitted over $1 billion.
According to financial and money matter experts the strict restrictions on illegal channels like ‘Hundi’ and ‘Hawala’ have led overseas Pakistanis to opt for proper banking channels. As a result the recorded remittances level has been raised.
Banks have become efficient and offer numerous incentives and benefits for swift and easy processing of money transfers to home land. In this regard, the Ministry of Finance and State Bank of Pakistan have done joint efforts few years back, to facilitate the remittances through formal banking channels.
SBP has confirmed the remarkable progress due to this joint effort, the remittances thru’ formal channels have beaten all previous records.
According to money market experts; month of Ramazan is another factor contributing to this increase, as people sent more money keeping in view the coming Eid and also for Zakat etc. On the other hand value of rupee has also remained stable, which encouraged people to send higher amount of remittances.
According to the State Bank of Pakistan these remittances are coming largely from USA, UK, European and Middle East countries.