Remittances Surge by 24% Due to SIFC’s Efforts.

Karachi: Pakistan's remittances have witnessed a significant rise of 24 percent due to efforts of the Special Investment Facilitation Council (SIFC). According to Radio Pakistan, the annual remittances were registered at three billion dollars by last month. During the last month, over 766 million dollars were received from Saudi Arabia, 620.9 million dollars from the UAE and 429.5 million dollars were received from the United Kingdom in terms of remittances. The consistent increase in remittances will help control current account deficit, improve foreign exchange reserves and economic stability. It will also help accelerate the pace of work on development projects. The increase in remittances is due to the digitization of data and increase in the number of overseas Pakistanis.