All-time high: Pakistan remittances soar to $23.1b in FY20

[hussain.r97]

Prime Minister Imran Khan, via Twitter on Friday, announced that the government will announce a "special package of incentives" for overseas Pakistanis to encourage them to send remittances through banking channels.

PM Khan said that by "removing hindrances and procedural issues", the government will be able to increase the inflow of remittances from $20bn to "at least $30bn and perhaps even $40bn".

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">InshaAllah by removing these hindrances we will be able to increase remittance flows from $20 bn to at least $30bn & perhaps even $40 bn through banking channels. <a href="https://t.co/rDv8XuXgyS">https://t.co/rDv8XuXgyS</a></p>— Imran Khan (@ImranKhanPTI) <a href="https://twitter.com/ImranKhanPTI/status/1050672492497448960?ref_src=twsrc%5Etfw">October 12, 2018</a></blockquote>
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"The Philippines did this successfully," he added.

PM Khan also vowed to remove problems faced by overseas Pakistanis during the immigration process when they come to Pakistan. He added that Pakistani missions abroad had also been ordered by the government to "look after and deal effectively with the concerns" of overseas Pakistanis.

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">We are also moving to remove hassles Overseas Pakistanis confront at immigration when they come to Pakistan. Our Missions abroad have also been directed to look after and deal effectively with the concerns of our Overseas Pakistanis. <a href="https://t.co/3wSCzpOcxK">https://t.co/3wSCzpOcxK</a></p>— Imran Khan (@ImranKhanPTI) <a href="https://twitter.com/ImranKhanPTI/status/1050673321275052032?ref_src=twsrc%5Etfw">October 12, 2018</a></blockquote>
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He assured that his administration will take steps to protect overseas Pakistanis' property and assets in the country, "especially from land mafias".

Overseas Pakistanis form a significant part of PM Khan's administration. Weeks after his party won the July 25 election, Finance Minister Asad Umar declared that the Pakistan Tehreek-i-Insaf government will focus on growing home remittances to supplement foreign exchange inflows.

https://www.dawn.com/news/1438551/g...s-for-overseas-pakistanis-to-send-remittances

 

[hussain.r97]

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">Prime Minister chaired a follow-up meeting with Mr. Zulfiqar Bukhari, on the issues faced by overseas Pakistanis.<br><br>Decisions in meeting:<br><br>1. NICOP will be optional. <br>2. Hindrances in the remittance mechanism will be removed.<a href="https://twitter.com/sayedzbukhari?ref_src=twsrc%5Etfw">@sayedzbukhari</a><a href="https://twitter.com/mophrd?ref_src=twsrc%5Etfw">@mophrd</a> <a href="https://t.co/du1V8HxGeD">pic.twitter.com/du1V8HxGeD</a></p>— Ministry of Overseas Pakistanis & HRD (@mophrd) <a href="https://twitter.com/mophrd/status/1050707223951958022?ref_src=twsrc%5Etfw">October 12, 2018</a></blockquote>
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<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">3. Legal reforms to protect the properties of overseas Pakistanis.<br>4. Action against encroachers of the properties of overseas Pakistanis. <a href="https://t.co/bsJwBWBzqQ">pic.twitter.com/bsJwBWBzqQ</a></p>— Ministry of Overseas Pakistanis & HRD (@mophrd) <a href="https://twitter.com/mophrd/status/1050707254046089216?ref_src=twsrc%5Etfw">October 12, 2018</a></blockquote>
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<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">5. Biometric verification charges for labor going abroad reduced from Rs. 45 to Rs. 10 per verification.<br>6. Mr. Zulfiqar Bukhari to produce a workable system to create incentives and ease for foreign remittances. <a href="https://t.co/yI1oFtBKtd">pic.twitter.com/yI1oFtBKtd</a></p>— Ministry of Overseas Pakistanis & HRD (@mophrd) <a href="https://twitter.com/mophrd/status/1050707327324737538?ref_src=twsrc%5Etfw">October 12, 2018</a></blockquote>
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[DrSchultz]

All sorts of red tapism and licence raj needs to be ended!

 

[Deewana Mastana]

Pakistani embassies need an overhaul change as they're not professionals anywhere at all.

 

[Abdullah719]

<blockquote class="twitter-tweet" data-lang="en-gb"><p lang="en" dir="ltr">Remittances from overseas Pakistani's up 1.4 billion $ in jul to jan vs same period last year. Total remittance recieved in jul to jan is 12.77 billion $ which is 12.2% higher than last year. Visible marked improvement in external account indices showing up</p>— Asad Umar (@Asad_Umar) <a href="https://twitter.com/Asad_Umar/status/1094978957051658240?ref_src=twsrc%5Etfw">11 February 2019</a></blockquote>
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[DRsohail]

[MENTION=1269]Bewal Express[/MENTION] another sazish

 

[shaz619]

Good stuff, Manny Pacquiao has been spearheading such initiatives in the Philippines as of late, especially when it comes to protecting the overseas Filipinos from a multitude of risks. He has authored bills for their additional protection and presented economic opportunities for their reintegration into Philippine society. The country is a very good example indeed in this regard for Khan to follow.

 

[Bewal Express]

[MENTION=1269]Bewal Express[/MENTION] another sazish

I see the Nooras have totally disappeared these days. Maybe that's​ sazish

 

[the Great Khan]

I see the Nooras have totally disappeared these days. Maybe that's​ sazish

what have they got left? the old broken record and smear tactics of "oh they are the same as us" "oh look its another UTurn" "oh look when we were in charge everything was better"

I Watched a show on public news the other day which included mubashir on the panel. One of the analysts was coming out with the same bakwaas about how the PTI is now no different. Mubashar went ape and said "how can you compare a bunch of choars who have literallys tolen billions to someone who changes an SP?"

 

[Bewal Express]

what have they got left? the old broken record and smear tactics of "oh they are the same as us" "oh look its another UTurn" "oh look when we were in charge everything was better"

I Watched a show on public news the other day which included mubashir on the panel. One of the analysts was coming out with the same bakwaas about how the PTI is now no different. Mubashar went ape and said "how can you compare a bunch of choars who have literallys tolen billions to someone who changes an SP?"

The Nooras are desperate these days and have nothing to offer except an alliance with a party even they accused of being crooks. They accuse IK of taking loans but wont explain that its they their allies that have stolen billions and have bankrupted the country.

 

[WebGuru]

Remittances rise 12% as overseas Pakistanis rely on legal channels

KARACHI: The remittances sent home by overseas Pakistani workers increased 12% to $14.35 billion in first eight months (July-February) of the current fiscal year 2018-19 due to efforts made to encourage people to send the money through proper banking channels.

They had sent $12.83 billion in the same period of previous fiscal year, the State Bank of Pakistan (SBP) reported on Monday.

“The growth in remittances is in line with the State Bank of Pakistan’s projections and government’s efforts to push overseas workers to send remittances through proper legal channels,” Arif Habib Limited Head of Research Samiullah Tariq told The Express Tribune.
Breakdown of data showed that Pakistanis living in western countries such as the United States and the United Kingdom are a big source of remittances besides those living in Middle Eastern countries including Saudi Arabia and the United Arab Emirates (UAE). He pointed out that the government had launched a crackdown on the illegal Hawala/Hundi operators to encourage the inflow of remittances through legal channels.

He said there was no other option with the government but to take action as illegal operators were the source of money laundering and terror financing.

The crackdown has also helped the government to meet the targets given by the Paris-based Financial Action Task Force (FATF) to tackle money laundering and terror financing.

He said the introduction of a mobile phone application (M-Wallet) by the central bank and the use of blockchain technology to attract remittances through legal channels should help further discourage the illegal practices.

The central bank said in February 2019, the inflow of worker remittances was $1.57 billion, which was 9.56% lower than January 2019, but 8.71% higher than February 2018.

Country-wise inflows

Country-wise details for February 2019 showed that inflows from Saudi Arabia amounted to $370.04 million compared with $348.31 million in February 2018.

People living in the UAE sent $335.66 million in February 2019 compared to $332.18 million in the same month of previous year.

People from the US sent home $240.80 million compared to $207.27 million, from the UK $251.99 million against $201.01 million, from Gulf Cooperation Council (GCC) countries (including Bahrain, Kuwait, Qatar and Oman) $152.25 million compared to $149.4 million and from European Union countries $37.71 million against $48.65 million.

Remittances from Malaysia, Norway, Switzerland, Australia, Canada, Japan and other countries during February 2019 amounted to $188.06 million against $163.35 million in February 2018.


Source: https://tribune.com.pk/story/1927550/2-remittances-rise-12-workers-rely-legal-channels/

 

[WebGuru]

[MENTION=138254]Syed1[/MENTION] you guys from CA need to do better...

 

[Asim_khan]

This is great news. Imran Khan has to be given credit for educating the nation about this.

 

[Syed1]

[MENTION=138254]Syed1[/MENTION] you guys from CA need to do better...

Sorry sir aglay mahinay se paka do chaar million tou mein hi bhejonga

 

[WebGuru]

Sorry sir aglay mahinay se paka do chaar million tou mein hi bhejonga

NAB waalo ne Canada pohanch jana he zeraaye aamdan ki maalomaat lene.

 

[Syed1]

NAB waalo ne Canada pohanch jana he zeraaye aamdan ki maalomaat lene.

Phir mughay Qatari letter paish karna parega

 

[mon858]

Surprised that saudi and UAE expats send so much more than US. I would think on avg the US expats are more affluent being more professionals like doctors, engineers,IT,etc in ratio relative to workers in Saudi and UAE.

 

[last_knight]

Surprised that saudi and UAE expats send so much more than US. I would think on avg the US expats are more affluent being more professionals like doctors, engineers,IT,etc in ratio relative to workers in Saudi and UAE.

Most Gulf expats have families not living with them.

 

[Pakistanian]

Surprised that saudi and UAE expats send so much more than US. I would think on avg the US expats are more affluent being more professionals like doctors, engineers,IT,etc in ratio relative to workers in Saudi and UAE.

US Pakistanis tend to come from the urban middle class, we don't have any relatives to send money back to since they either don't need it or are too proud to receive a handout from a relative.

 

[Bel_Homme]

PM Imran Khan tells overseas Pakistanis to invest in their motherland like overseas Chinese, Indians

ISLAMABAD: Pakistan Prime Minister Imran Khan on Monday urged the Pakistani diaspora to emulate overseas Indians and Chinese who have invested heavily in their motherland while assuring them a corruption-free environment to boost the cash-strapped country's economy.

Addressing a ceremony here to mark the Anti-corruption Day, Khan said Pakistan was facing an existential threat due to rampant corruption.

"The money that we had to spend on the education of youth, research and higher education, has been spent to make palaces across the seas and fill hefty bank accounts," he said.

He lamented that Pakistani people were unaware of the dire consequences corruption could have on their lives.

"People don't understand the relation between corruption and their lives… corruption badly affects them," Khan said.

"Overseas Chinese invested in China, & overseas Indians invested in India; their economies boomed," Khan was quoted as saying by the official Twitter account of the ruling Tehreek-e-Insaf party.

"Overseas Pakistanis are our great asset. I am connected with them. They are reluctant to invest in Pakistan because of corruption and bribery," the prime minister said.

The contributions of the Non-Resident Indians in the growth of the Indian economy has been significant. Last year, the World Bank estimated India's remittances to be the highest in the world, standing at $79 billion, followed by China and Mexico at $67 billion and $36 billion respectively.

Khan said the corrupt launder their illegal wealth outside the country, which in turn leads to devaluation and rise in inflation.

"No one wants to invest in the society where corruption is widespread," he said.

Taking an apparent jibe at his opponents, Khan said major infrastructure projects like the metro were built not for the people but to take commission and kickbacks.

He noted that Chinese President Xi Jinping became popular due to his ruthless drive against corrupt officials in Beijing.

"President Xi jailed around 500 people of ministerial level… this shows he is a real statesman," the report quoted him as saying.

The prime minister lauded the performance of the National Accountability Bureau, saying the anti-graft probe body needs to be appreciated for recovering looted money.

He said that the anti-corruption unit of Punjab alone made recoveries worth Rs 132 billion, Geo News reported.

Khan also hailed the Punjab government for launching an anti-corruption app, and for "recovering encroached land worth billions of rupees.

Referring to the anti-corruption app, the prime minister said that now even a common man can hunt down corrupt elements in the society.

Pakistan is facing a serious economic crisis with short supplies of foreign currency reserves and stagnating growth in recent years.

Since assuming power in August 2018, Prime Minister Khan has been appealing to close allies like China and Saudi Arabia to provide loans at lower rates to overcome the financial woes.


Khan's speech came on a day when Pakistan signed an agreement with the Asian Development Bank for a loan worth $1.3 billion to support the cash-strapped country's public finances and shore up its slowing economy.

https://m-timesofindia-com.cdn.ampp...1&referrer=https://www.google.com&amp_tf=From %251%24s

 

[Cpt. Rishwat]

Got to laugh at the Indian spin on that article. It's mostly an attack on corruption in Pakistan, there is one line about Chinese and Indian NRI's investing in India, not even sure what the relevance was to the rest of the article.

 

[KingT]

Got to laugh at the Indian spin on that article. It's mostly an attack on corruption in Pakistan, there is one line about Chinese and Indian NRI's investing in India, not even sure what the relevance was to the rest of the article.

Obsession. What else?

 

[Abdullah719]

Pakistan receives 'record high' remittances in June

Workers’ remittances rose by an impressive 50.7 percent during June 2020 to reach ‘record high’ $2.466 billion as compared to $1.636bn received in June 2019.

As per the data released by the State Bank of Pakistan (SBP) on Monday, on a cumulative basis, workers’ remittances increased to another “historic high level’ of $23,120.7 million during FY20, witnessing a growth of 6.4pc over $ 21,739.4mn during FY19.

During the March-June 2020 pandemic period, the inflow of workers’ remittances registered an increase of 7.8pc compared with the corresponding period of 2019.

Country-wise, during June 2020, workers' remittances received from Saudi Arabia ($619.4mn), USA ($452.0mn), UAE ($431.7mn) and UK ($401mn) recording an increase of 42pc, 7.1pc, 33.5pc and 40.8pc respectively, as compared to May, 2020.

The central bank was of the view that the significant increase in remittances during June 2020 can be attributed to a number of factors i.e. easing of lockdown by many of these countries in June, overseas Pakistanis were able to transfer accumulative funds.

Further, more remittances were sent by the Overseas Pakistanis to support extended families and friends due to economic problems arisen due to COVID-19.

SBP also said that policies i.e. extension of Reimbursement of TT Charges Scheme (Free Send Remittance Scheme) to small remitters by reducing the threshold from $ 200 to $ 100, as well as, broadening the scope of an incentive scheme for marketing scheme for financial institutions increased the incentives for sending remittances through regular channels, also played the part in increase remittance.

https://www.brecorder.com/news/40004694/pakistan-receives-record-high-remittances-in-june

 

[MenInG]

KARACHI: Pakistan received record $23 billion in remittances in 2019-20 while the inflows jumped by 51 per cent year-on-year to $2.466bn in June, data released by the State Bank of Pakistan (SBP) showed on Monday.

Despite economic slowdown caused by the Covid-19, the remittances in the last quarter of the fiscal year 2019-20 i.e. March-June increased significantly helping the country get more than expected inflows.

“Workers’ remittances rose by a significant 50.7pc during June to reach record high of $2.466bn compared with $1.636bn in June 2019,” said the SBP press release.

The inflows in the month grew significantly compared to May when the country received around $1.866bn, rising despite the negative outlook due to the impact of coronavirus on the global economy.

“On a cumulative basis, workers’ remittances increased to a historic high level of $23.120bn during FY20, witnessing a growth of 6.4pc over $21.739bn during FY19,” said the SBP.

June sees 51pc increase

Policy makers had earlier feared remittances to slump in the last quarter of fiscal year 2020 because of the impact of Covid-19 on the economic activity around the world, but the inflows increased by 7.8pc.

During June, major chunk of the workers’ remittances were from Saudi Arabia at $619.4 million, USA $452m, UAE $431.7m and UK $401m recording increases of 42pc, 7.1pc, 33.5pc and 40.8pc respectively as compared to May.

Highest remittances during the 12 months ending June 30 were received from Saudi Arabia, rising 6.8pc to $5.432bn against 3pc growth in FY19.

Meanwhile, despite 0.98pc growth, the remittances from UAE were second highest in terms of total inflows reaching $4.662bn in FY20. In FY19, remittances from the UAE grew by 6pc.

The highest growth in remittances was witnessed from the United States as it jumped by 25pc to $4.163bn compared to 16.6pc in FY19.

On the other hand, remittances from the UK increased by 1.5pc to $3.465bn in FY20 compared to 18pc in FY19.

The remittances from the Gulf Coopera*tion Council countries were up by 2pc to $2.162bn while inflows from Malaysia were down 8pc to $1.426bn in FY20. The growth in remittances from Malaysia was 35pc in FY19.

The SBP said the significant increase in remittances during June can be attributed to a number of factors.

“Since many of the countries eased lockdown in June, overseas Pakistanis were able to transfer accumulative funds, which they were unable to send earlier,” it said. Further, it is also believed that they sent remittances to support extended families and friends due to Covid-19, it added.

Seasonal inflows in the month of Ramazan coupled by zakat and charity funds collectively increased the inflows during the last fiscal year.

In addition to these, the government and the SBP also played their role in increasing inflows during the FY20 in general and Covid-19 period, said the SBP.

Supportive government policies in terms of extension of Reimbursement of TT Charges Scheme (Free Send Remittance Scheme) to small remitters by reducing threshold amount from $200 to $100. In addition, financial institutions also increased the incentives for sending remittances through regular channels.

“Financial institutions were motivated to use effective marketing campaigns with particular focus on digital channels for sending and receiving remittances to promote the use of legal channels,” said the SBP.

https://www.dawn.com/news/1568832/fy20-remittances-soar-to-record-23bn

 

[Abdullah719]

 

[PetroDollars]

what is the best way to send money to pakistan?

if you use online services they charge quite a bit, also what happened to the wallet using block chains the state bank was speaking off.

 

[Syed1]

what is the best way to send money to pakistan?

if you use online services they charge quite a bit, also what happened to the wallet using block chains the state bank was speaking off.

I use Remitly.... PKR equivalent are deposited in family's account within 15 mins. Cheap rates as well.

 

[PetroDollars]

Remitly charges £3, for each transaction, which is a rip off IMO. thats like Rs. 600 +

 

[globalcitizen]

This is actually not much compared to even a small nation like Bangladesh which has a remittance of about 20b$ . I think Pakistan overseas folks should do better

 

[Mamoon]

Looks like the overseas youth brigade is getting hyper and doing ehsaan on the country by sending money to their families, but they will make a billion excuses if you ask them to give up the comfort of the first world and come back to provide their services to Naya Pakistan.

 

[Mamoon]

And why is this surprising anyway. PTI have destroyed our currency so the overseas youth brigade have become richer with respect to PKR, so it is not a big deal if they are sending more money to their families.

 

[King-Misbah]

And why is this surprising anyway. PTI have destroyed our currency so the overseas youth brigade have become richer with respect to PKR, so it is not a big deal if they are sending more money to their families.

No, your godfather destroyed this country by keeping the currency at an artificial rate. Keep lying

 

[GoUgandaCranes]

No, your godfather destroyed this country by keeping the currency at an artificial rate. Keep lying

Another clueless hot take by the poster you quoted (as usual, might I add)

Although I do think this increase is due to the pandemic and has got nothing to do with the government or its policies. A lot of people have had to send some extra money back home to take care of their relatives who have been hit hard by the pandemic. Also with reduced air traffic, the option of carrying cash back home has decreased a bit.

 

[Gayle_Force]

And why is this surprising anyway. PTI have destroyed our currency so the overseas youth brigade have become richer with respect to PKR, so it is not a big deal if they are sending more money to their families.

That makes no sense the increase is quoted in USD so exchange rate should have little or no impact on the increase.

In fact, I can possibly see it having a negative impact as sending the same amount of USD will generate a higher PKR amount for families back home.

 

[WhenSultansBowled]

And why is this surprising anyway. PTI have destroyed our currency so the overseas youth brigade have become richer with respect to PKR, so it is not a big deal if they are sending more money to their families.

Yeah, no.

Our family has been sending money to Pakistan since 70s. Believe me we know who destroyed our beloved country and who is actually trying to make things better.

 

[Abdullah719]

That makes no sense the increase is quoted in USD so exchange rate should have little or no impact on the increase.

In fact, I can possibly see it having a negative impact as sending the same amount of USD will generate a higher PKR amount for families back home.

Precisely. In fact, let's look at it in rupee terms for fun, too.

FY18 remittances: $19.62 billion
USD to PKR rate: 121.7.
Remittances in rupees: Rs2.387 trillion

FY20 remittances: $23.12 billion
USD to PKR rate: 167.6
Remittances in rupees: Rs3.875 trillion

 

[JaDed]

Remitly charges £3, for each transaction, which is a rip off IMO. thats like Rs. 600 +

Please let us know if there is a cheaper way as well. RIA says it takes $1

 

[Bewal Express]

And why is this surprising anyway. PTI have destroyed our currency so the overseas youth brigade have become richer with respect to PKR, so it is not a big deal if they are sending more money to their families.

Uncle Tom you have no idea on how a currency valuation is determined. You commenting on this has as about much value as NS claiming that he kids became rich when they were in nappies.

 

[KingKhanWC]

Looks like the overseas youth brigade is getting hyper and doing ehsaan on the country by sending money to their families, but they will make a billion excuses if you ask them to give up the comfort of the first world and come back to provide their services to Naya Pakistan.

Pakistan is more comfortable for many but why leave your friends/family to prove some anti-Pak right lol.

I hope everyone keeps sending money to Pakistan now we have IK , if they did with crooks in charge.

If only all those who have robbed Pakistan via corruption and not paying taxes would pay this back, the nation wouldn't have to rely on overseas people with Paksitani backgrounds.

 

[Slog]

Remitly charges £3, for each transaction, which is a rip off IMO. thats like Rs. 600 +

Obviously there will be some charge.

You wanna do for free?

 

[Slog]

This increase is probably due to overseas sending money in tough times and also crackdown in hawala type systems and in person delivery

Remittances have little real impact in improving the state of the country though asides from being a hedge against further currency depreciation

 

[cric_man]

And why is this surprising anyway. PTI have destroyed our currency so the overseas youth brigade have become richer with respect to PKR, so it is not a big deal if they are sending more money to their families.

Munshi Dar spent over $30B to artificially shore up Pak Rupee instead of using the money to boost Pak exports.
You are GasLighting as usual.

Below link states he spent 7-8B, but it was later revised to $34B. Will try to find the article.

https://mettisglobal.news/ishaq-dar-was-warned-about-holding-an-artificial-exchange-rate-deputy-chairman-senate

https://tribune.com.pk/story/1691123/2-govt-injected-7b-keep-rupee-overvalued-recent-years

 

[PetroDollars]

Obviously there will be some charge.

You wanna do for free?

Well yes, it should be free because they make there money by giving lower than market rate for rupees then make commission on top of it.

 

[PetroDollars]

This increase is probably due to overseas sending money in tough times and also crackdown in hawala type systems and in person delivery

Remittances have little real impact in improving the state of the country though asides from being a hedge against further currency depreciation

WHAT???

You have these people die of starvation then not get that money.

Ofcourse it improves the country, what are you on?

Thats $30B injected to the economy, most of it is to the poor so they spend it straight away, increasing the velocity of money by injecting it right into the economy.

Then you get foreign reserves in your country, the dirhams might be usless but the sterling and the dollars is what the state bank will be after.

 

[Bewal Express]

This increase is probably due to overseas sending money in tough times and also crackdown in hawala type systems and in person delivery

Remittances have little real impact in improving the state of the country though asides from being a hedge against further currency depreciation

By injecting 23bn into the economy has a massive impact on the local economy, its the equivalent of exporting 23bn of goods. The multiplier is huge and without it, PK really would be up the creek. The method of sending of money may have changed but its impact is huge

 

[Kroll]

Well yes, it should be free because they make there money by giving lower than market rate for rupees then make commission on top of it.

They could then increase those rates if there was no fee. Remitly is one of the best money transfer services out there and the fee may depend on how much you're sending and from which region.

I think its free for amounts over a certain limit but again, this will be down to your own personal circumstances. Express options obviously will charge a fee but in most cases probably not necessary.

 

[DRsohail]

Yeah, no.

Our family has been sending money to Pakistan since 70s. Believe me we know who destroyed our beloved country and who is actually trying to make things better.

Mamoon has been rattled here again.

 

[Gharib Aadmi]

Uncle Tom you have no idea on how a currency valuation is determined. You commenting on this has as about much value as NS claiming that he kids became rich when they were in nappies.

I used to think the same way. However i have realized now that they know exactly how currency valuation is determined. They are just selfish people who want the rupee artificially inflated to subsidize their lifestyle. From the luxury items they import, to travel outside of the country, etc.

 

[Bewal Express]

I used to think the same way. However i have realized now that they know exactly how currency valuation is determined. They are just selfish people who want the rupee artificially inflated to subsidize their lifestyle. From the luxury items they import, to travel outside of the country, etc.

Uncle Tom is economically illiterate and feels that artificially controlling exchange rate comes no cost. These idiots have destroyed PKs economy and still don't have a single idea of how to develop a sustainable economy.

 

[hamid.s]

Good for Pakistan. South Asia relies heavily on remittances but I was curious to find out more details.



Source - https://www.visualcapitalist.com/global-remittance-flows/

India and China dominates the list. Pakistan is at 7th and Bangladesh is at 8th.

 

[Mamoon]

I was there in October last year. And I visit regularly. The last resort of the coward is to question another pakistanis patriotism.

Firstly I have first hand accounts of what is going on in Pakistan as my mother is a resident. Secondly I have friends and relatives there who provide me with plenty of information. i also know professionals in the medical field who have given me information.

But what do i know. You seem to be the font of all knowledge and know everything. If they have managed to get a handle on it its a fluke. if they had lost millions as many of my PMLN friends were saying at one point, you would have been shouting to get IK charged for treason.

Unfortunatley unlike you , who's life experience is quite limited I must say to a couple of decades, half of which you spent playing with your toys, I have sat with directors, senior managment people and understand the value in appointing the right people, coming up with a strategy and holding people accountable. Its called leadership, but your not even married yet so what do you actually know about life other than moaning and complaining about IK? Now move along as Modi might be putting you into another lockdown.

I will be 29 in a couple of months and I got married in January this year. Anyway, that if besides the point.

The point is that you live in the UK and you are an armchair patriot. You are unaware of the ground realities and getting info from family members and friends is not the same as personal experiences.

Like most overseas Pakistanis, when someone shows you the mirror you get offended, and like other overseas Pakistanis, you are an armchair patriot who is not prepared to walk the talk.

Instead of living in the UK and enjoying the lifestyle and security of the first world, perhaps you should come back to Pakistan and spend time with your mother instead of leaving her alone or perhaps delegating responsibility to your siblings.

And like other overseas Pakistanis, you talk about morality after paying taxes to the UK government who use your tax money to kill Muslims in the Middle East.

 

[Mamoon]

And the modus operandi of the losers is to pray for deaths in every waking moment and then get humiliated. IK has educated the public, which as a leader was his job and he has done that. The public needs to listen and look after their health. Name a govt, who haven't been accused of chaotic handling. Every big country is working in a fluid situation and they will make mistakes. And apparently you are some genius that would have done so well that the Worid would be following your lead. Lol
As far as my patriotism goes, it will be more than some loser that is the beneficiary of daddy using the FBR as a piggy bank. My father was just a poor factory worker and had to move to feed his family. And it is my part of $24bn each year that still helps to keep the country afloat. Otherwise the Rps would be closer to 350, not 160. We support our honest leader, not back some thugs that killed 14 people in Broad daylight or had a Hitman kill 198 people in Karachi.

I am not interesting in listen to your sob story. Coming back to Pakistan and letting the country benefit from your academia expertise would benefit the country more than the money that you send for the benefit of your family back home.

So please don’t make excuses and play your part for Naya Pakistan. We now have an honest and dedicated leader so your efforts will not go to waste.

So when can we expect you to return?

 

[Bewal Express]

I am not interesting in listen to your sob story. Coming back to Pakistan and letting the country benefit from your academia expertise would benefit the country more than the money that you send for the benefit of your family back home.

So please don’t make excuses and play your part for Naya Pakistan. We now have an honest and dedicated leader so your efforts will not go to waste.

So when can we expect you to return?

And I am not interested in the pathetic excuses of a guy brought up on daddies money that thinks money grows on trees and still has no idea how an exchange rate is determined.
Btw I have no primary family, my last paternal uncle died around 1990. Unlike you and your family, I take nothing from PK. If my dad had light fingers, we would have stayed in PK, but earning halal is much more difficult but you wouldn't know that.

 

[Bewal Express]

I will be 29 in a couple of months and I got married in January this year. Anyway, that if besides the point.

The point is that you live in the UK and you are an armchair patriot. You are unaware of the ground realities and getting info from family members and friends is not the same as personal experiences.

Like most overseas Pakistanis, when someone shows you the mirror you get offended, and like other overseas Pakistanis, you are an armchair patriot who is not prepared to walk the talk.

Instead of living in the UK and enjoying the lifestyle and security of the first world, perhaps you should come back to Pakistan and spend time with your mother instead of leaving her alone or perhaps delegating responsibility to your siblings.

And like other overseas Pakistanis, you talk about morality after paying taxes to the UK government who use your tax money to kill Muslims in the Middle East.

So let's say all the PK's come back, tell me the ignorant economist, what would be the exchange rate for the Rps. Tell us where the $24bn and its multiplier effect of trillions would get replaced.

 

[finalfantasy7]

I will be 29 in a couple of months and I got married in January this year. Anyway, that if besides the point.

The point is that you live in the UK and you are an armchair patriot. You are unaware of the ground realities and getting info from family members and friends is not the same as personal experiences.

Like most overseas Pakistanis, when someone shows you the mirror you get offended, and like other overseas Pakistanis, you are an armchair patriot who is not prepared to walk the talk.

Instead of living in the UK and enjoying the lifestyle and security of the first world, perhaps you should come back to Pakistan and spend time with your mother instead of leaving her alone or perhaps delegating responsibility to your siblings.

And like other overseas Pakistanis, you talk about morality after paying taxes to the UK government who use your tax money to kill Muslims in the Middle East.

so mamoon - as you haven't replied back to me in regarding to the ventilators - made in Pakistan - last tine you stated they were poor because they were made in Pakistani by Pakistani's - another posted afterwards that they were deemed as very good - by quality control

So have you had a change to examine one of them - being used for the corona virus???

 

[the Great Khan]

I will be 29 in a couple of months and I got married in January this year. Anyway, that if besides the point.

The point is that you live in the UK and you are an armchair patriot. You are unaware of the ground realities and getting info from family members and friends is not the same as personal experiences.

Like most overseas Pakistanis, when someone shows you the mirror you get offended, and like other overseas Pakistanis, you are an armchair patriot who is not prepared to walk the talk.

Instead of living in the UK and enjoying the lifestyle and security of the first world, perhaps you should come back to Pakistan and spend time with your mother instead of leaving her alone or perhaps delegating responsibility to your siblings.

And like other overseas Pakistanis, you talk about morality after paying taxes to the UK government who use your tax money to kill Muslims in the Middle East.

the final bleatings of a coward. "you are an overseas pakistani so shut up and move along while we consume your remittances and taxes"

First off your 29 so 20 years ago you were a child. Your still a child. I walked through Karachi when there were bodies on the ground so dont question my pakistaniat.

Secondly if it wasnt for remittances many in pakistan would be looking to eat your family.

Thirdly we have every right if not more than others to criticise or support whomsoever we want. Unlike your ill gotten gains our parents left for a halal kamai not haraam.

fourthly you support thieves and murderers because you know the truth inside. that you are part of an elite that has eaten the bread off the tables of the poor and needy.

Finally the only defence of someone who has no real alternative or any real ideology or evidence to back up their claims is "why not come back to pakistan". Why not first answer the questions you have been asked since your such a patriot? hmmn? kyon dartay ho? You have nothing other than to resort to cowardly attacks on peoples patriotism. Just tells us more about you..

by the way I'm a pakistani tax payer. Are you even a pakistani? why not prove that first. or has Modi jee sent you to entertain us with your yaarian.

 

[the Great Khan]

so mamoon - as you haven't replied back to me in regarding to the ventilators - made in Pakistan - last tine you stated they were poor because they were made in Pakistani by Pakistani's - another posted afterwards that they were deemed as very good - by quality control

So have you had a change to examine one of them - being used for the corona virus???

He wont reply. he'll just come back with some bakwaas. Everything IK does is rubbish while the PPP and the PMLN are heros who gave pakistan a golden age.

Look at karachi. Is IK responsible for that? Is IK responsible for the problems in the rest of the country. granted there are areas they can improve but cleaning up the corruption people like him have helped with is not a overnight job.

 

[Slog]

So let's say all the PK's come back, tell me the ignorant economist, what would be the exchange rate for the Rps. Tell us where the $24bn and its multiplier effect of trillions would get replaced.

There are arguments to be made that the remittances have little positive effect in the long run but that’s another thread.

However in your case in particular, Very little of it comes from UK. The majority of it comes from the Gulf and Middle East countries from poor laborers who are pakisfani citizens and there on temporary visas . UK Pakistanis can hardly claim any credit from it. So stop acting like an ehsaan faramosh.

 

[Bewal Express]

There are arguments to be made that the remittances have little positive effect in the long run but that’s another thread.

However in your case in particular, Very little of it comes from UK. The majority of it comes from the Gulf and Middle East countries from poor laborers who are pakisfani citizens and there on temporary visas . UK Pakistanis can hardly claim any credit from it. So stop acting like an ehsaan faramosh.

Remittances played a big part in PK's development. Most of the remittances from the UK came in the 60s to 000s, as people had families in PK. Its still around a billion and that's the official figure because many use unofficial sources. Those are facts, without remittances PK would have struggled to develop in those years. I don't have family in PK, all my family are here and have been since the early 80s, my uncle died around 1990 but many still do and a billion £ is not an insignificant amount. Islamabad in the 60s and 70s was built with remittances from the UK, I know this as Bewal at one time owned a very large part of Islamabad.
As far as the economic benefits are concerned, firstly, PK's BOP has been in the red, just imagine what have happened to the value of the Rp if there was little or no remittances. When remittances are sent, there is a massive impact on the local economy as families have spending power, which keeps the locals in jobs and it goes without saying the effects of the multiplier. The reason PK has unable to take advantage of this is that large amounts of the Dollars have been brought on the black market and laundered abroad, Ayan Ali and the Omni group were the tip of an iceberg.
As

 

[Slog]

Remittances played a big part in PK's development. Most of the remittances from the UK came in the 60s to 000s, as people had families in PK. Its still around a billion and that's the official figure because many use unofficial sources. Those are facts, without remittances PK would have struggled to develop in those years. I don't have family in PK, all my family are here and have been since the early 80s, my uncle died around 1990 but many still do and a billion £ is not an insignificant amount. Islamabad in the 60s and 70s was built with remittances from the UK, I know this as Bewal at one time owned a very large part of Islamabad.
As far as the economic benefits are concerned, firstly, PK's BOP has been in the red, just imagine what have happened to the value of the Rp if there was little or no remittances. When remittances are sent, there is a massive impact on the local economy as families have spending power, which keeps the locals in jobs and it goes without saying the effects of the multiplier. The reason PK has unable to take advantage of this is that large amounts of the Dollars have been brought on the black market and laundered abroad, Ayan Ali and the Omni group were the tip of an iceberg.
As

remittances are short term boost but arguably have hurt in the long term.

if the skilled labor was back in Pakistan and contributing in enterprise and employment creation then the long term benefit would far outweight the benefits of remittances and make up for it.

UK's contribution to remittances is around 6% from last figures i read and many is actually invested or saved.

the remittances which actually help are from the gulf which form majority and these are pakistani citizens.

most certainly pakistan hasnt 'survived' because of these remittances. stop taking zabardasti ka credit lol to just make yourself feel better. its important these days due to BoP crisis but that hasnt always been a huge huge issue.

 

[Bewal Express]

remittances are short term boost but arguably have hurt in the long term.

if the skilled labor was back in Pakistan and contributing in enterprise and employment creation then the long term benefit would far outweight the benefits of remittances and make up for it.

UK's contribution to remittances is around 6% from last figures i read and many is actually invested or saved.

the remittances which actually help are from the gulf which form majority and these are pakistani citizens.

most certainly pakistan hasnt 'survived' because of these remittances. stop taking zabardasti ka credit lol to just make yourself feel better. its important these days due to BoP crisis but that hasnt always been a huge huge issue.

The labour wasn't skilled that moved to the UK in the 60,s, just factory workers and most in the Arab countries are also labourers. Most of the skilled have gone to Canada and America.
The BOP has been in the red as far as I can remember, you fulfil with loans or you devalue, So if PK isn't surviving without remittances tell me how the gap of $30bn+ is to be filled?

 

[Slog]

The labour wasn't skilled that moved to the UK in the 60,s, just factory workers and most in the Arab countries are also labourers. Most of the skilled have gone to Canada and America.
The BOP has been in the red as far as I can remember, you fulfil with loans or you devalue, So if PK isn't surviving without remittances tell me how the gap of $30bn+ is to be filled?

It will be planned for accordingly obv. If they knew that source wasn’t coming then they would perhaps cut down on the budget deficits and luxury imports which is what PTI has been trying to do now when remittances started to flatline. This should have been done years ago.

It’s not like our economy has done well with that in any case. And whenever it has done well it is due to foreign investment rather than remittances.

The balance of trade started being consistently negative post 1990s actually and has never recovered.

Look I’m not saying it’s not useful but it’s also not ‘saving’ pakistan and there are solid arguments to say that the knock on effect has perhaps hurt pakistan somewhat in the long run.

Anyways, I am not here to have arguments with you but just called out that before patting yourself on the back overseas Pakistanis (and most definitely British Pakistanis with 6% contribution) should look at the whole picture.

 

[Bewal Express]

It will be planned for accordingly obv. If they knew that source wasn’t coming then they would perhaps cut down on the budget deficits and luxury imports which is what PTI has been trying to do now when remittances started to flatline. This should have been done years ago.

It’s not like our economy has done well with that in any case. And whenever it has done well it is due to foreign investment rather than remittances.

The balance of trade started being consistently negative post 1990s actually and has never recovered.

Look I’m not saying it’s not useful but it’s also not ‘saving’ pakistan and there are solid arguments to say that the knock on effect has perhaps hurt pakistan somewhat in the long run.

Anyways, I am not here to have arguments with you but just called out that before patting yourself on the back overseas Pakistanis (and most definitely British Pakistanis with 6% contribution) should look at the whole picture.

Remittances are no doubt a short term fix for most countries. It's just that for PK, that short term is going on 50 years. The major draw back of remittances from what I see is that most of the money goes into property, which although beneficial in the short term as it creates jobs in the building trade, doesn't help to improve the long term productivity of the economy and creates property bubbles.

At this point in time the remittances are saving the currency from total meltdown, and with that the economy
I think the 6% is misleading, the British PK's also take money back to PK on visits, which an average is about £5000+. This would not show on any official figures.

 

[Syed1]

It will be planned for accordingly obv. If they knew that source wasn’t coming then they would perhaps cut down on the budget deficits and luxury imports which is what PTI has been trying to do now when remittances started to flatline. This should have been done years ago.

It’s not like our economy has done well with that in any case. And whenever it has done well it is due to foreign investment rather than remittances.

The balance of trade started being consistently negative post 1990s actually and has never recovered.

Look I’m not saying it’s not useful but it’s also not ‘saving’ pakistan and there are solid arguments to say that the knock on effect has perhaps hurt pakistan somewhat in the long run.

Anyways, I am not here to have arguments with you but just called out that before patting yourself on the back overseas Pakistanis (and most definitely British Pakistanis with 6% contribution) should look at the whole picture.

Ok if is not useful then how do you suggest the current trade deficit of $27b is financed. I'm all ears, please give your knowledgable insight as to how the government of Pakistan finds $27b worth of dollars to fund this gap. Do they have a printing press from where dollars could be printed? Or a massive oil well that hasn't been discovered yet. I'm eager to know how this $27b gets covered. Mind you this $27b is after massive import restrictions by PTI, it was close to $40b during PML-N government.


Also you have outdated info. Remittances flat lined at $19b in FY16, FY17 and FY18. In FY19 (PTI first year) they increased to $21b and in FY20 to $23b.

 

[Abdullah719]

Currency dealers deposit $290m in July

KARACHI: For the first time since the Covid-19 pandemic hit the country, currency dealers in the open market deposited the highest amount of $290 million in banks in July.

“The inflow of dollars was very high in July reflecting the growth in the remittances while domestic holders of the greenback were selling their savings in the open market,” said Forex Association of Pakistan President Malik Bostan on Friday.

Since the emergence of Covid-19, inflow of dollars drastically decreased but has improved after the declining number of new cases in the country.

Currency dealers said the exchange rate is stable with the increase in remittances but expressed fears that withdrawal of Saudi funds in the State Bank of Pakistan and stoppage of deferred oil payments could hurt the parity.

The pressure on exchange rate in the interbank market is visible as the dollar remained on higher side at Rs168. Recently, Saudi Arabia reportedly withdrew $1 billion out of its $3bn kept with the SBP to support Pakistan’s current account.

Official data shows that currency dealers deposited $333m in March; the month when coronavirus emerged with full force in the country. Since then, the flow of greenback from open market to banks dropped to $117m in April before improving to $230m in May, and finally reaching $290m in July.

“During 2019-20, the currency dealers deposited about $3bn in banks which supported them to keep deposits at the higher level,” said Bostan.

“Currently we are depositing $10-12m per day in the banks which may come over $3bn at the end of this fiscal year,” he said. However, the foreign exchange reserves of the commercial banks increased during the last 6 months and currently stand around $7.45bn.

Currency dealers said the domestic buying of dollars is almost insignificant, which is why they were able to deposit large amounts in the banks.

According to them, lack of buying for Umrah has led to surplus of dollars in the local market. Moreover, outflow from the open market also dropped due to dip in health and education-related purposes. The country received record $23bn in FY20 which helped the government to reduce its current account deficit.

https://www.dawn.com/news/1574477/currency-dealers-deposit-290m-in-july

 

[finalfantasy7]

so what does that mean for pakistan currency

 

[MenInG]

<blockquote class="twitter-tweet" data-partner="tweetdeck"><p lang="en" dir="ltr">More good news for Pak economy. Remittances from overseas Pakistanis reached $2,768 mn in July 2020, highest ever amount in one month in the history of Pakistan. This is 12.2% increase over June 2020 and 36.5% increase over July 2019.</p>— Imran Khan (@ImranKhanPTI) <a href="https://twitter.com/ImranKhanPTI/status/1295235068072464384?ref_src=twsrc%5Etfw">August 17, 2020</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

 

[Abdullah719]

Remittances set to fall: Fitch

ISLAMABAD: The Fitch Ratings forecasts Pakistan’s current account to widen to 1.7 percent of the GDP in the fiscal year 2021, in part as remittances fall and offset gains from lower oil prices.

The rating agency in its special report, “APAC remittances and the coronavirus shock” stated that remittances set to decline in 2020 despite recovery in recent months.

High debt-to-GDP ratios in Pakistan constrain the ability to respond to possible rising social-spending needs, said Fitch Ratings.

Pakistan has reduced its current account deficit, from a high of 6.1 percent of the GDP in the fiscal year ending June 2018 (FY18) to 1.1 percent in fiscal year 2020.

It has also modestly rebuilt foreign exchange reserves, in large part from a shift to a more market determined exchange rate.

Fitch forecasts the deficit to widen to 1.7 percent of the GDP in fiscal year 2021, in part as remittances fall and offset gains from lower oil prices. Financing from the IMF through an ongoing $6 billion programme and $1.4 billion Rapid Financing Instrument (RFI) facility, along with other multi-lateral and bilateral support and participation in the G20s Debt Service Suspension Initiative, are a buffer against the fall in remittances.

Spoiler

For countries with fragile external finances, such as Pakistan and Sri Lanka, the expected shock to remittances could exacerbate existing challenges, it added.

High debt-to-GDP ratios in Sri Lanka (86.8 percent), Pakistan (86.1 percent) and India (71 percent) constrain the ability of these countries to respond to possible rising social-spending needs.

Bangladesh and the Philippines with lower debt-to-GDP levels of 35.7 percent and 34.1 percent entered the crisis with fiscal buffers but these buffers are being eroded with the pandemic-related shock.

There is still room to accommodate some deterioration in the fiscal outlook, but a low revenue-to-GDP ratio is a constraint for Bangladesh, it added.

Fitch Ratings examines remittance flows in the first half of 2020 and prospects for the coming quarters in five countries in the Asia region - Pakistan (B-/Stable), Bangladesh (BB-/Stable), Sri Lanka (B- /Negative), India (BBB-/Negative) and the Philippines (BBB/Stable).

These countries are reliant on remittances and have timely data. Remittances appear to have recovered after declining in April and May.

In Pakistan and Bangladesh remittances were resilient in 2Q20 but weaker in Sri Lanka and the Philippines. Declining remittances may affect sovereign ratings through external finances and economic growth, it added. Remittances are a key source of foreign currency receipts for Bangladesh (six percent of GDP), Pakistan (7.9 percent), Sri Lanka (eight percent), the Philippines (8.4 percent), and India (2.9 percent).

As a result, lower remittances will most likely widen current account deficits, contributing to higher external financing needs.

The fall in remittances is likely to compound the already severe impact of the Covid-19 shock on economic growth.

Vulnerable households reliant on remittance income will most likely reduce consumption and require higher social transfers.

Lower remittance flows could also have a second-order impact on public finances through lower revenue collection from weaker consumption and higher social spending to support remittance dependent households as well as returning migrant workers.

High demand for migrant labour has provided an important and stable source of foreign currency receipts through remittance flows for a number of the APAC sovereigns.

India is the largest recipient of remittances globally but they account for a small share of GDP at 2.9 percent.

Remittance flows have helped offset large trade deficits keeping current account deficits contained.

Indeed, without remittances the Philippines, Pakistan and Bangladesh would have large current account deficits.

Remittances also provide economic benefits to recipient countries.

First, they support domestic consumption by providing an additional income source to households.

According to the ADB, about 14 percent of households in Bangladesh receive remittance income, eight percent in the Philippines, four percent in Pakistan, and two percent in India.

Second, job opportunities for migrant workers relieve potential stress in domestic job markets by providing employment and income for potentially excess labour supply.

The Gulf region is an important source of remittance flows, particularly for countries in South Asia.

The region accounts for roughly half of remittance inflows in Bangladesh (58 percent), Pakistan (54 percent), Sri Lanka (45 percent), and India (51 percent).

Remittance flows in the APAC region were mixed in the second quarter of 2020.

Monthly data show a considerable and broad decline in remittances during April and May, but a recovery in June and July.

The rebound in flows was particularly robust in Pakistan and Bangladesh, where flows broke records in both June and July.

Sri Lanka and the Philippines also saw an improvement in remittance flows in June, but much more modest.

Quarterly aggregates can provide a clearer indication of recent trends, as they are less affected by the monthly volatility caused by lockdown measures during much of 2Q20.

Generally, there is a trend of a deceleration in remittance growth, but with considerable differences in performance.

Pakistan saw relatively robust growth in 2Q20, but Bangladesh a slight decline.

Both the Philippines and Sri Lanka, however, experienced sharp contractions.

Migrant workers may have been physically unable to transfer funds as lockdown measures of varying severity were widespread around the globe from March to May.

When the restrictions eased, workers had accumulated savings they could send, contributing to a surge in remittances in June.

The State Bank of Pakistan cited this as an explanation for June’s record level of remittance inflows. However, this would have also magnified the declines in remittances seen in March to May.

https://www.brecorder.com/news/40017448/remittances-set-to-fall-fitch

 

[MenInG]

ISLAMABAD: Remittances sent back home by overseas Pakistanis in August 2020 continued on an uptrend from July's record figure of $2.77 billion, Prime Minister Imran Khan said Monday.

The remittances for August 2020 were $2.10 billion, translating into a 24.4% rise as compared to the same period, last year. This was "in addition to the record $2,768 million in July 2020", PM Imran said on Twitter.

"For the first two months of this fiscal year our remittances are up 31% over the same period last year," he added.

Separately, the State Bank of Pakistan (SBP) in a press release stated that "workers’ remittances remained above $2 billion for the third month in a row" during August 2020, "largely in line" with its projections.

24.3% lower m/m than July level

"Over the last three months, remittances reached an unprecedented level of $7.3 billion, 37.2% higher than the same period last year," it said, noting that the top three countries from which remittances originated in August were Saudi Arabia ($0.593 billion), the United Arab Emirates ($0.410 billion), and the United Kingdom ($0.302 billion).

The central bank attributed the rise to the efforts made under the Pakistan Remittances Initiative (PRI) and the gradual reopening of businesses in major host countries such as the United States, as well as others in the Middle East and Europe.

However, it underlined that on a month-on-month basis, remittances were 24.3% lower than the record level in July 2020, "reflecting the usual seasonal decline in the post Eid-al-Adha period".

Digital banking for Pakistani diaspora

Back in August, PM Imran had shared the record statistics, terming them “more good news” for Pakistan’s economy. Prior to that, he had appreciated overseas Pakistanis for sending more remittances through banking channels.

A day prior to that, Special Assistant to the Prime Minister on Overseas Pakistanis, Sayed Zulfiqar Bukhari, had announced that the government has decided to provide a digital banking facility to the expatriates.

Read more: Overseas Pakistanis to get digital banking facility, says Zulfi Bukhari

"Overseas Pakistanis will be able to make direct payments and investments in the country," the premier's aide had said, adding that the initiative would be a great investment opportunity for the Pakistani community living abroad.

Digital banking was a longstanding demand of the Pakistani diaspora, Bukhari had said, noting that the overseas Pakistani community wanted to become important stakeholders in the national development of the country.


https://www.geo.tv/latest/307815-re...d-from-julys-record-figure-says-pm-imran-khan

 

[Abdullah719]

Pakistan to send 100,000 skilled workers to Kuwait

Kuwait City: In an effort to increase remittances, the Pakistani Minister of Expatriates and Human Resources announced that Pakistan is planning on sending 100,000 skilled workers to Kuwait, local media reported.

According to the Associated Press of Pakistan, a Pakistani news portal, a senior officer in the ministry said, “a formal request to this effect has been forwarded to the authorities concerned in Kuwait and reply is still awaited.”

The officer went on to say Pakistan has a willing and strong workforce that is capable of working in various fields, therefore increasing remittance will allow for job creation in different countries.

In addition, he said that the government has boosted efforts to sign a memorandum of Understanding (MOU) between Kuwait and Pakistan, in hopes of ramping up the number of Pakistani workers to Kuwait.

The Special Assistant to the Prime Minister on OP&HRD, Sayed Zulfikar Abbas Bukhari, pointed out that although a MOU would streamline a state-to-state workforce, Pakistanis could enter Kuwait for employment under employer-employee agreement.

While the MOU has not been finalized, Kuwait has agreed to recruit 444 Pakistani’s to work in the medical field as doctors, paramedic and nurses.

Former MOUs
In October 2019, Kuwait decided, in principle, to sign a MOU with Pakistan, which would allow skilled, semi-skilled and unskilled workers to enter Kuwait and work in a variety of fields from health care and education, to agriculture and construction.

During the Foreign Minister of Pakistan’s visit last year, the Emir of Kuwait, Sheikh Sabah Al Ahmed Al Jaber Al Sabah, said that he will make an effort to resolve the visa restrictions for Pakistanis. In 2011, Kuwait banned nationals from Pakistan including, Iran, Iraq, Syria and Afghanistan, from entering the country.

As of 2019, there are around 116,000 Pakistanis residing in Kuwait, making up 0.03 per cent of the overall three million expat population. While 95 per cent of Pakistani foreign workers reside in the GCC, only 0.5 per cent of them live in Kuwait, a report by Al Rai showed.

https://gulfnews.com/world/gulf/kuwait/pakistan-to-send-100000-skilled-workers-to-kuwait-1.74095265

 

[JaDed]

Pakistan to send 100,000 skilled workers to Kuwait

Kuwait City: In an effort to increase remittances, the Pakistani Minister of Expatriates and Human Resources announced that Pakistan is planning on sending 100,000 skilled workers to Kuwait, local media reported.

According to the Associated Press of Pakistan, a Pakistani news portal, a senior officer in the ministry said, “a formal request to this effect has been forwarded to the authorities concerned in Kuwait and reply is still awaited.”

The officer went on to say Pakistan has a willing and strong workforce that is capable of working in various fields, therefore increasing remittance will allow for job creation in different countries.

In addition, he said that the government has boosted efforts to sign a memorandum of Understanding (MOU) between Kuwait and Pakistan, in hopes of ramping up the number of Pakistani workers to Kuwait.

The Special Assistant to the Prime Minister on OP&HRD, Sayed Zulfikar Abbas Bukhari, pointed out that although a MOU would streamline a state-to-state workforce, Pakistanis could enter Kuwait for employment under employer-employee agreement.

While the MOU has not been finalized, Kuwait has agreed to recruit 444 Pakistani’s to work in the medical field as doctors, paramedic and nurses.

Former MOUs
In October 2019, Kuwait decided, in principle, to sign a MOU with Pakistan, which would allow skilled, semi-skilled and unskilled workers to enter Kuwait and work in a variety of fields from health care and education, to agriculture and construction.

During the Foreign Minister of Pakistan’s visit last year, the Emir of Kuwait, Sheikh Sabah Al Ahmed Al Jaber Al Sabah, said that he will make an effort to resolve the visa restrictions for Pakistanis. In 2011, Kuwait banned nationals from Pakistan including, Iran, Iraq, Syria and Afghanistan, from entering the country.

As of 2019, there are around 116,000 Pakistanis residing in Kuwait, making up 0.03 per cent of the overall three million expat population. While 95 per cent of Pakistani foreign workers reside in the GCC, only 0.5 per cent of them live in Kuwait, a report by Al Rai showed.

https://gulfnews.com/world/gulf/kuwait/pakistan-to-send-100000-skilled-workers-to-kuwait-1.74095265

This must be first of a thing for any govn to do officially?

 

[MenInG]

<blockquote class="twitter-tweet" data-partner="tweetdeck"><p lang="en" dir="ltr">Despite Covid more good news for our economy. Alhamdulillah, remittances from our hardworking overseas Pakistanis rose to $2.3 bn in Sept 2020, 31% higher than last Sept & 9% higher than August 2020. This marks the 4th consecutive month that remittances have remained above $2 bn</p>— Imran Khan (@ImranKhanPTI) <a href="https://twitter.com/ImranKhanPTI/status/1315501511644913667?ref_src=twsrc%5Etfw">October 12, 2020</a></blockquote>
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[The Viper]

<blockquote class="twitter-tweet"><p lang="en" dir="ltr">Glad to see Overseas Pakistanis taking advantage of <a href="https://twitter.com/hashtag/RoshanDigitalAccount?src=hash&ref_src=twsrc%5Etfw">#RoshanDigitalAccount</a> initiative of State Bank of Pakistan. To date more than 21 thousand digital accounts have been opened remotely & $24 mn received. Number of accounts & amounts are growing everyday. <a href="https://t.co/sEe2wiOYrG">https://t.co/sEe2wiOYrG</a></p>— Imran Khan (@ImranKhanPTI) <a href="https://twitter.com/ImranKhanPTI/status/1316788128372469760?ref_src=twsrc%5Etfw">October 15, 2020</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

 

[MenInG]

ISLAMABAD, Nov 12 (APP): The Workers’ remittances mounted to $ 2.3 billion during October 2020, showing an increase of 14.1 percent during the month under review when compared to October 2019.

This is for the fifth consecutive month that workers’ remittances remained above $2.0 billion for in October 2020, according to latest figures released by the State Bank of Pakistan (SBP) on Thursday

A large part of year-on-year increase in October 2020 was sourced from Saudi Arabia (30 percent), United States (16 percent) and United Kingdom (14.6 percent).

Improvements in Pakistan’s FX market structure and its dynamics, efforts under the Pakistan Remittances Initiative (PRI) to formalize the flows and limited cross-border travelling contributed to the growth in remittances, the SBP added.

Meanwhile, during the first four month (July-October) of the current fiscal year (2020-21), the workers’ remittances increased to $9.4 billion, recording a growth of 26.5 percent over the same period last year.

https://www.app.com.pk/business/wor...n-in-october-witness-26-4-growth-in-4-months/

 

[MenInG]

KARACHI:

Pakistan’s economy is likely to grow by 2% against the central bank’s projection of 3% in the current fiscal year 2020-21 and it is strongly expected to slightly shake next week when the bank is estimated to report a drop in receipt of workers’ remittances from overseas Pakistanis for the month of April compared to March.

“The inflows of workers’ remittances are expected to worsen in (the ongoing month) May,” the head of remittances at one of the top five banks said while talking to The Express Tribune based on the flow of remittances in his bank.

To recall, authorities concerned had estimated that the remittances for April would have been higher than $2.72 billion received in March 2021, as overseas Pakistanis had mostly sent higher remittances to their family members ahead of Eidul Fitr.

“I estimate that the remittances would drop by $100-200 million to $2.5-2.6 billion in April compared to $2.7 billion received in the previous month of March,” the banker said, adding that the overseas Pakistanis had taken a good start of sending higher remittances at the beginning of April. However, the flow slowed down by the month’s closing for unknown reasons.

“We (the bank staff) ourselves were surprised to note the drop in remittances when we closed the month of April for the remittances,” he said, and added that the inflow of remittances to his bank and at a country level usually remains almost similar.

Read: Remittances jump 43% to $2.7b

If remittances received by his bank increase then the same situation is observed at country level and vice-versa.

“I take a bet that the workers’ remittances would be lower than the one received in March,” he emphasised, adding that the final figures would be released by the State Bank of Pakistan (SBP) next week that might prove his estimate for low receipts wrong.

The office-bearer said the flow of remittances in Pakistan has further slowed down during the current month of May. Besides, the 10-day Eid holidays in Pakistan and Gulf region (from where some 70% remittances come) is expected to worsen the inflows during the month.

Earlier, Prime Minister Imran Khan had thanked overseas Pakistanis on multiple occasions for sending strong remittances and additional unconventional remittances worth over $1 billion through Roshan Digital Account (RDA) in the past eight months.

To recall, the conventional remittances grew by a strong 43% to an eight-month high at $2.72 billion in March. Cumulatively in the first nine-month (Jul-Mar) of the current fiscal year 2021, the remittances grew 26% to $21.5 billion compared to $17 billion in the same period of the previous fiscal year, according to the central bank.

The strong growth in workers’ remittances was the only positive indicator in the domestic economy. Otherwise, almost “all other economic indicators are showing negative growth. If the remittances would fall then where will we (nation) stand?” Economist Dr Shahid Hasan Siddiqui said.

Earlier, PM Khan said that the overseas Pakistanis are running the whole country.

He highlighted that the agricultural economy, current account deficit, trade deficit, foreign debt and liabilities, external debt, foreign investment and per capita income; all the indicators were falling. The inflation reading has reached an 11-month high at 11.1% in April.

The government has failed to tax all incomes, particularly rich, as per its announcement. This government has also supported elite capture, as most of the benefits through legislation are gone to rich and poor have continued to pay higher taxes through a higher rate of sales tax at 17% on almost all goods and services and paying petroleum development levy which was announced to be abolished in the recent past.

“The economic indicators, including (decades low) cotton output, suggests Pakistan may achieve an economic growth of around 2% in the current fiscal year 2021 compared to the central bank projection for 3%,” Siddiqui said.

“The government is expected to report a negative growth for the previous fiscal year 2020 at 1% in the forthcoming Economic Survey 2021 compared to its current report for negative growth of 0.4% for the year (FY20),” he said.

Moreover, the economic growth for the next fiscal year 2022 would be around 3.5% against the government estimate of 4%, the expert said.

“This is only because of the large scale manufacturing (LSM) sector, which is showing some positive growth mainly due to the government’s focus on the construction sector. This, however, alone cannot pave way for the desired higher economic growth,” he added.

The economist said that the government has to focus on attracting foreign investment along with remittances to achieve higher economic growth.

“Foreign investment in different sectors of the economy would create new job opportunities and help increase foreign currency reserves. On the contrary, we have used remittances to finance trade and current account deficits,” he said.

Read more: PM Imran praises overseas Pakistanis for 'record remittances'

He mentioned that the trade deficit has increased by $4 billion to $23.8 billion in 10 months of FY21 compared to $19.6 billion in the same period of the last year.

Similarly, the current account deficit becomes negative by the end of the current fiscal year on June 30, 2021 compared to a surplus of $1 billion in the first nine months.

“Next year (in FY22), current account deficit would widen by 4% of GDP…to the level last seen in 2016,” he said.

Siddiqui said that the central bank may leave the benchmark interest rate unchanged at 7% for another two months in May despite an 11.1% inflation reading in April.

“However, it may not resist increasing the rate in the next bi-monthly monetary policy (to be announced in July 2021),” he said.

The average inflation reading may be recorded at 9% for the entire fiscal year 2021 which would be in line with the central bank projection of 7-9%, the economist stated.

Published in The Express Tribune, May 16th, 2021.

 

[MenInG]

<blockquote class="twitter-tweet" data-partner="tweetdeck"><p lang="en" dir="ltr">I have always believed Overseas Pakistanis to be our greatest asset. In April, your remittances rose to an all-time high of $2.8bn. Remitting $24.2bn in first 10 mths of FY21, you have broken the record level achieved in entire FY20. Thank you for your faith in Naya Pakistan.</p>— Imran Khan (@ImranKhanPTI) <a href="https://twitter.com/ImranKhanPTI/status/1394487667644157960?ref_src=twsrc%5Etfw">May 18, 2021</a></blockquote>
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[MenInG]

Remittances by overseas Pakistani continued to surge, rising to an all-time high of $2.8 billion in April, 56 per cent higher than a year ago, the State Bank of Pakistan (SBP) said on Tuesday.

Cumulatively, during the July-April FY21 workers’ remittances rose to an unprecedented level of $24.2bn, up by 29pc, compared to the same period last year.

These have also surpassed the full FY20 level by over $1bn, creating a new record, the central bank said.

Inflows during the July to April period were mainly sourced from Saudi Arabia ($6.40bn), United Arab Emirates ($5.08bn), United Kingdom ($3.33bn), and the United States ($2.22bn).

Proactive policy measures by the government and the SBP to encourage more inflows through formal channels, curtailed cross-border travel in the face of Covid-19, altruistic transfers to Pakistan amid the pandemic, orderly foreign exchange market conditions and Eid-related inflows have contributed to record levels of remittances this year.

Reacting to the development, Prime Minister Imran Khan said that he "always believed overseas Pakistanis to be [the country's] biggest asset".

"Remitting $24.2bn in first 10 months of FY21, you have broken the record level achieved in the entire FY20. Thank you for your faith in Naya Pakistan," he said.

DAWN

 

[MenInG]

Acknowledging the contribution of overseas Pakistanis, the Foreign Office spokesperson Zahid Hafeez Chaudri on Wednesday said they were a “great asset” for the country.

In a tweet on International Day of Family Remittances, the FO spokesperson paid tribute to the Pakistani diaspora for their contribution to the country’s economy.

“Let’s recognise overseas Pakistanis who continue to send money back home, supporting their families and contributing to Pakistan's economy,” he said. The FO spokesperson said Pakistani diaspora remained the “greatest asset” of the country.

The International Day of Family Remittances was adopted by the United Nations General Assembly and is observed annually on June 16. The IDFR recognises over 200 million migrant workers, women and men, who send money home to over 800 million family members across the world.

The day further highlights the great resilience of migrant workers in the face of economic insecurities, natural and climate related disasters and a global pandemic.

Express Tribune

 

[Manunited18]

Uncle Tom you have no idea on how a currency valuation is determined. You commenting on this has as about much value as NS claiming that he kids became rich when they were in nappies.

Bro, I'm not clued up on the economic side, why is the rupee so weak to the pound? 220 rupees per one pound, under the corrupt nooras it was 125-130rupee per pound, what's happened? Are we going to get back to them days or is this the way were going with a weak rupee.

 

[Bewal Express]

Bro, I'm not clued up on the economic side, why is the rupee so weak to the pound? 220 rupees per one pound, under the corrupt nooras it was 125-130rupee per pound, what's happened? Are we going to get back to them days or is this the way were going with a weak rupee.

The Rp was manipulated by the Munshi and the Nooras. They used our limited Foreign reserves to inflate the Rp, the only problem with this method is that you run out of $ and you have to go the IMF and ask for Support. The rp was allowed to free float to reflect its true value which is based on exports of 23bn and imports of 63 under the Nooras. If we want a strong Rp, we need to increase our exports to 40bn+ in the medium term and hopefully over 50bn. The Nooras knew what they were doing to stay in power but it destroyed our exports and increased imports.