Tag: remittances
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Remittances to Pakistan decline by 19.3% to $2 billion in first month of fiscal year
Delve into Pakistan’s economic landscape as we examine the notable 19.3% drop in remittances during the opening month of the fiscal year. Uncover the implications for the nation’s economy, the influence of overseas Pakistanis, and the dynamics of the grey market. Gain valuable insights into the evolving financial trends and expert economic analysis that shape…
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Pakistan’s current account surplus soars to $334 million in June
The State Bank of Pakistan (SBP) has reported that Pakistan’s current account has achieved a surplus for the fourth consecutive month, reaching $334 million in June 2023.
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Remittances in June 2023 decline by 21.4%, hitting $2.2 billion: SBP
In June 2023, remittances experienced a year-on-year decrease of 21.4 per cent, falling to the $2.2 billion mark compared to $2.8 billion in June 2022, according to data released by the State Bank of Pakistan (SBP).
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Pakistan lifts import restrictions to satisfy IMF demand
In a recent development, the State Bank of Pakistan (SBP) has taken the decision to lift all import restrictions as part of fulfilling a condition set by the International Monetary Fund (IMF).
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Pakistan’s current account records $18 million surplus in April due to import reductions
Pakistan’s current account recorded a surplus for the second consecutive month in April, with analysts attributing this development to a reduction in imports resulting from administrative measures. Data released by the State Bank of Pakistan (SBP) on Tuesday revealed that the country achieved a surplus of $18 million this month, compared to a current account…
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Overseas Pakistanis send home remittances worth $2.5 billion, marking a seven-month high
According to data from the State Bank of Pakistan (SBP), remittances sent by overseas Pakistanis to their home country hit a seven-month high of $2.5 billion in March, which is attributed to Ramadan and Eid-ul-Fitr. Compared to the prior month of February, the inflow of workers’ remittances increased by 27 per cent, but it was…
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SBP governor says import restrictions will be eased after completion of IMF review
During a briefing to the Senate Standing Committee on Finance, State Bank of Pakistan (SBP) Governor Jameel Ahmed projected that the current account deficit for the ongoing fiscal year would be $7 billion, which is lower than the budgetary target of $10 billion. He attributed the lower deficit to measures taken to control imports, which…
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Pakistan receives $3 billion in remittances, highest in history
The State Bank of Pakistan (SBP) announced on Friday that remittances from Pakistani employees overseas have surpassed $3 billion for the first time, with Saudi Arabia and the United Arab Emirates contributing the most. Saudi Arabia ($707 million), the United Arab Emirates ($614 million), the United Kingdom ($484 million), and the United States of America…
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Budget explained: How it will affect you
Finance Minister Shaukat Tarin unveiled the budget 2021-22. The total expenditure of the budget had been kept at Rs 8,478 billion and had set the tax collection target at Rs 5,829 billion. Leader of the Opposition in the National Assembly Shehbaz Sharif and Pakistan People’s Party (PPP) chief Bilawal Bhutto Zardari were in the house. Opposition…
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Expats remitting around $7m per day, PM told
Prime Minister (PM) Imran Khan said that 82,728 Roshan Digital Accounts (RDA) opened so far in 97 countries of different continents by the overseas Pakistanis. $436 million through these facilities have been remitted in digital accounts. On average, Pakistani expatriates are remitting around $6 to $7 million every day. The prime minister was presiding over…