Increase witnessed in remittances at beginning of current FY

ISLAMABAD: A notable rise of forty-four percent in remittances has been observed at the start of the current fiscal year, thanks to the support of the Special Investment Facilitation Council (SIFC).

According to the data released by the State Bank of Pakistan, remittances have reached 5.94 billion dollars, marking an increase of 1.81 billion dollars compared to 4.12 billion dollars during July-August of the previous year.

The government’s measures against Hundi and dollar smuggling, which contributed to a stable exchange rate and a rise in foreign exchange reserves, are the key factors behind this record increase in remittances.