KARACHI: Remittances from overseas Pakistanis have reached a two-year high.
Remittances in the month of March stood at $2.95 billion, while remittances totaled $21 billion during the first nine months of fiscal year 2024, which is 1 percent higher than the same period last year. Remittances during this period were 20.8 billion dollars.
According to the data released by the State Bank, remittances in March increased by 31.1% compared to February last month and 16.4% compared to March of last year. , while $548.5 million was received from the UAE, $461.5 million from the UK and $372.5 million from the US.
Research Head, Arif Habib Limited, Tahir Abbas while talking to The Express Tribune said that remittances of $3 billion in March were in line with expectations, overseas Pakistanis paid Zakat and Fitra in Ramadan and more for Eid purchases. Remittances have flowed into the country, while the stabilization of the rupee and dollar has also encouraged more dollar remittances, the crackdown on illegal markets has also had a positive impact.
He said that this year the total remittances will increase to 30 billion dollars more than the prediction of the State Bank. It should be noted that the State Bank has estimated the remittances to be 28 billion dollars.
Besides, the International Finance Corporation (IFC), the World Bank’s investment arm, has approved a $400 million loan for PTCL, with which PTCL will buy Telenor, after this announcement. TCL shares rose 5.13% to Rs 17.02, however, it is not yet clear whether Telenor will reinvest the proceeds from the sale in Pakistan, or take it out. .
