Currency fall to boost remittance
In terms of remittances, according to Boban, the devaluation in the PKR will attract more expatriates living in the country to remit more money back home.
“This devaluation brought about a very attractive rate for expatriates to remit money to Pakistan. We have witnessed a good increase in business in the Pakistan corridor during the last couple of days as the rate has become very attractive – the all-time best rate for remitters.”
Talking exclusively to Times of Oman, A.H. Raja, former chairman of Pakistan Social Club Oman said that depreciation of currency is usually done to boost the export in order to have balance of trade.
“In the recent past, many countries in the Asian region have depreciated their currency and Pakistan is no exception to it. However, government officials in Pakistan are hoping that the effect of this current depreciation of PKR will soon be recovered through several measures being taken in the near future,” Raja added.