Currency fall to boost remit­tance

Times of Oman - - OMAN/WORLD -

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.

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