Bloomberg reports 34pc jump in Pakistan's remittances

Karachi: Inflows of foreign remittances to Pakistan by overseas Pakistanis have witnessed a significant increase of thirty-four per cent during the first five months of the current fiscal year.

According to Bloomberg, the boost in remittances is the result of a crackdown on illegal dollar trade.

Commenting on this significant achievement, Finance Minister Muhammad Aurangzeb said the remittances are expected to reach an all-time high of 35 billion dollars this year from 30 billion dollars last year.

The General Secretary of the Exchange Companies Association of Pakistan Zafar Paracha, in his remarks, said all kinds of negative currency trading has significantly declined.

The Head of Research at Arif Habib Limited in Karachi Sana Tawfik said the crackdown on illegal trades helped the country get major forex reserves support in the shape of remittances and that helped currency stability.