For The First Time, Monthly Remittances To Pakistan Cross $2 Billion Mark
For the first time in history, Pakistan has received the highest cash inflow ever for the month of August. The monthly remittance has recorded to cross $2 Billion, highest ever recorded. The cause of the increase in remittances is believed to be Eid ul Azha as overseas Pakistanis send money to their families settled here for sacrifices and festivities.
As per SBP (State Bank of Pakistan), the remittances flow for the month of August has increased to $2.03 Billion in contrast with the month of July 2018, when the stats stood at $1.92 Billion – showing an overall growth of 5.57 per cent.
However, this year, not only the remittances were recorded to be at the highest level before Eid ul Adha, the demand of cash has also reached an all-time high in the economy overall, including the retail sectors and the cattle markets. Keeping this link into consideration, the central bank injected the amount of Rs 2 Trillion ahead of the religious festival.
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Highest inflow for this month came from Saudi Arabia, where the figures stood at $465 million, followed by the United Arab Emirates and the United States of America. Here is where the highest figures stood:
Kingdom of Saudi Arabia: $465 million
United Arab Emirate: $461 million
United State of America: $316 million
United Kingdom: $278 million
GCC countries (including Bahrain, Kuwait, Qatar and Oman): $193 million
European Union Countries: $59 million
The remittances received during the month of August 2018 from across the world, including Canada, Japan, Switzerland, Norway, Australia, Malaysia and other countries calculated up to $262.06 million.
It is estimated that the remittances inflows will also show gradual growth for the rest of the months of the ongoing financial year, resulting in highest ever level of $20 billion so far.
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