After hitting a seven-month high in March, remittances sent by overseas Pakistanis decreased to $2.21 billion in April — down 29% year-on-year, the State Bank of Pakistan (SBP) shared Wednesday in its monthly bulletin. Last month’s high remittances were because of Ramadan and Eid ul Fitr as well as the shrinking gap between the rates in the interbank and open markets, which had prompted overseas Pakistanis to increase the use of legal channels to send money back home, analysts had said. According to the latest data, remittances in April went down 13% compared to the previous month when the figure was recorded at $2.5 billion. (The News)
11/5/2023