Connect with us

Politics

Remittances to Pakistan exceed $ 2 billion for eighth consecutive month

Avatar

Published

on


Al Ansari Money Exchange, Dubai. Image Credit: Photo Virendra Saklani / Gulf News

Islamabad: Pakistanis working overseas sent more than $ 2 billion for the eighth consecutive month in January, with Saudi Arabia and the United Arab Emirates emerging as the top contributors to remittances in recent months.

Prime Minister Imran Khan said in a tweet that this was a record for Pakistan and thanked the diaspora for maintaining the lifeline of remittances. Remittances in January 2021 were recorded at $ 2.3 billion, up 19% from the previous year, the country’s central bank said. However, inflows fell slightly from December 2020, when the figure hit $ 2.4 billion.

Top contributors in the last 6 months

Pakistanis living and working in Saudi Arabia and the United Arab Emirates contributed the highest inflows in FY21 (July 2020 to January 2021), reaching $ 7.9 billion collectively. The top four countries that have contributed the most to recent Pakistani remittances over the past six months are:

1. Saudi Arabia ($ 4.5 billion)

2. United Arab Emirates ($ 3.4 billion)

3. United Kingdom ($ 2.2 billion)

4. United States ($ 1.4 billion)

Overall, workers’ remittances reached $ 16.5 billion during July-January FY21, registering a 24 percent increase over the same period last year, said Bank of State of Pakistan (SBP).

The main factors

Multiple factors have contributed to the continued increase in remittances to Pakistan. The central bank said that the sustained increase in workers’ remittances generally reflects the growing use of the banking channel which is attributed to the continued efforts of the government and the SBP to attract inflows through official channels. Financial experts say travel restrictions due to the COVID-19 pandemic, the use of digital apps to transfer money, and a flexible exchange rate regime have also boosted remittances.

Pakistani crackdown on illegal money transfer channels (Hawala / Hundi) following recommendations from the international financial watchdog, the Financial Action Task Force (FATF), is also seen as crucial to keeping a record of transactions.

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos



picture credit

ExBUlletin

to request, modification Contact us at Here or [email protected]