Sunday, November 1, 2020

PM says remittances stay over $2b for fourth consecutive month

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PM Imran Khan. Photo: FileISLAMABAD: Prime Minister Imran Khan introduced on Monday that remittances despatched by abroad Pakistanis continued to stay above the $2 billion mark for the fourth consecutive month, labeling it “good news” for the economic system.”Despite COVID, more good news for our economy,” he mentioned in a morning tweet. “Alhamdulillah, remittances from our hardworking overseas Pakistanis rose to $2.3 billion in September 2020, 31% higher than last September and 9% higher than August 2020.”Meanwhile, the State Bank of Pakistan (SBP) mentioned that “cumulatively, workers’ remittances rose to a record $7.1 billion” within the first quarter of the continuing fiscal 12 months. It added that within the final fiscal 12 months, the remittances for the primary quarter had been $5.5 billion.The SBP credited the “sustained growth” in remittances to the federal government’s efforts made underneath the Pakistan Remittances Initiative.The central financial institution mentioned that, underneath the initiative, the federal government was attempting to “formalise remittances” and enhance the construction of Pakistan’s foreign exchange markets. It additionally added that the “gradual re-opening of businesses in major host destinations, such as Middle East, Europe and US” has additionally helped in boosting the remittances. 

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