September 26, 2020

Foreign Remittances In July Reach $2.03 Billion

The foreign remittances in the month of July increased by 3% as compared to the same period in the last year. This increase was expected, as the remittances have an increasing trend before festivals. The inflows in July 2019 were $2.03 billion as compared to $1.98 billion in the same month last year.

Experts argue that the increase in remittances is not only due to the Eid festival, but there are other reasons for it as well. Head of Remittance Department says that a huge number of Pakistanis started to look for jobs in America, Europe and the Middle East, after the downward trend in the economy of Pakistan. This increased the size of the overseas workforce of Pakistan and hence, increased the number of foreign remittances. He further added that the government is also making efforts to employ more youth outside Pakistan, which will bring in more foreign remittances inside the country.

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