During the financial year 2019-2020, the remittance inflows to Pakistan have sustained an upward trend, even though the economic growth in the country has had been grim. According to analysts and experts, the remittances to Pakistan might rise by 5% to hit record mark of $23 billion during this fiscal year.
The central bank, State Bank of Pakistan shared the latest data that revealed that during the July-September 2019 quarter remittances fell 1% to $5.48 billion in comparison to $5.56 billion in the same period in 2018. This decline is primarily due to a slowdown in global markets.
Due to better exchange rates over 8 million Pakistanis will continue to send money back home.
Muzammil Aslam, managing director of Next Capital said, “Remittances are expected to cross the $23 billion mark in 2019-20 despite a slowdown in the first quarter.”
Pakistan has received record $21.84 billion remittances in 2019-20 as many overseas Pakistanis have sent money back home. Especially those living in Gulf countries have responded to PM Khan’s appeal and sent remittances.
Last year PM Khan tweeted, “Insha Allah by removing hindrances, we will be able to increase remittance flows from $20 billion to at least $30 billion and perhaps even $40 billion through banking channels.”