There are the lot of people who works for their families in overseas of pakistan. Every year a huge amount of money sent to home as gift according to religious festivals. The Reason of increase in remittances is due the the religious activity of the Muslims.
According to State Bank of Pakistan (SBP). The remittances increase during the month of August for the reason of Eid ul Azha from $1.92 billion to $2.62 billion as showing the growth of 5.5%.
The remittances wasn’t only recorded highly this year. The demand for cash is also increased on overall economy. Given this association, the national bank infused a measure of Rs. 2 trillion in front of the religious celebration.
Real inflows for August 2018 from various nations are expressed underneath:
- Kingdom of Saudi Arabia: $465 million
- United Arab Emirate: $461 million
- United State of America: $316 million
- United Kingdom: $278 million
- GCC countries (including Bahrain, Kuwait, Qatar and Oman): $193 million
- European Union Countries: $59 million
The remittances amount of 262.02 million received from Malaysia, Switzerland, Australia, Japan, Canada and other countries during the month of August.
It is assessed that settlements inflows will record a steady development in whatever remains of the long stretches of the monetary year, prompting achieve the most astounding ever level of $20 billion.