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Cumulative Worker’s Remittances

By 21/11/2021 0 Comments

According to the State Bank of Pakistan, remittances continue to perform well as cumulative remittances reached a record $10.6 billion USD during the first four-month of the current fiscal year.

On the macroeconomic front, Pakistan continues to struggle with a widening trade deficit and increasing pressure on the rupee-dollar exchange rate. Such economic conditions snowball into a higher current account deficit. According to the SBP, in the current situation, remittances offer sustainable support to the low-performing macroeconomic indicators.

According to the SBP, the proactive policies that targeted the overseas Pakistanis wishing to invest in safe and secure investment avenues helped the economy in general. The use of formal banking channels by the SBP helped the government in improving the flow of remittances and to maintain its sustainable growth.

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