Remittances in the first months followed by the second in the new fiscal year of Pakistan have shown a massive 31% rise. The amount surged to $4.863 Billion as compared to last year which was hovering around $3.712 Billion. The report was given by the State Bank of Pakistan on Monday. Prime Minister Imran Khan appreciated the massive increase in the remittances in the new fiscal year.
However, the inflow in the month of August has seen a decline of 24pc to record $2.095 Billion as compared to the record remittance amounts in the month of July. The State Bank of Pakistan exclaimed the decline of remittances in August is just the usual seasonal decline. However, the inflows are against the predictions of the World Bank and the Fitch Rating Agency. Efforts under the Pakistan Remittances Initiative (PRI) and the gradual re-opening of businesses in major host countries such as the Middle East, Europe, and the United States contributed to the overall increase.