Relief for ailing rupee: Pak remittances up 21% in July
islamabad — Many economic experts in the country attribute the increased flow of remittances from overseas Pakistanis in the month of July to the election victory of Pakistan Tehreek-e Insaf chief Imran Khan and upcoming Eid Al Adha while for some it is the impact of amnesty scheme, summer vacation or some other factors.
According to an official source, the overseas Pakistanis sent 21 per cent more remittances to their homeland during the month of July, especially in its last week.
The inflow of workers’ remittances amounted to $1.929 billion in the first month of Fiscal Year 2019 as compared to $1.541 billion received during the same period in the preceding year.
During July 2018, the inflow of worker remittances amounted to $1.929 billion, which is 21.03 per cent more than June 2018 and 25.17 more than July 2017.
Talking to APP, Pakistan Economy Watch president Dr Murtaza Mughal said overseas Pakistanis are well-wishers of their country and rendering great contributions to the national economy through sending remittances. “They always keep ready to bailout the country in difficult times.”
Dr Murtaza said the major reason of increased remittances in the month of July was obviously the victory of Imran Khan. “Overseas Pakistanis have shown trust over his leadership for the only reason that he is financially clean person.”
Either it is hospital, university or cricket, Imran Khan is popular for his honesty among people and they trust him so overseas Pakistanis are also showing trust over him with an expectation that the new government will introduce good policies for them, he said. Dr Murtaza said, he sees very good financial future of the country, if Imran Khan decides to motivate overseas Pakistanis financially in his tenure and introduce positive policies for them and explore more labour markets in different countries.
Another reason for increased remittances is the ritual of sacrifice for which overseas Pakistanis have sent more remittances to the country.