Remittances witness increase at beginning of current FY

There has been a significant increase of forty-four percent in remittances at the beginning of current fiscal year due to the support of Special Investment Facilitation Council (SIFC). According to the statistics released by the State Bank of Pakistan, remittances have reached 5.94 billion dollars with an increase of 1.81 billion dollars compared to 4.12 billion dollars in July-August last year. Government's action against Hundi and smuggling of dollars which led to a stable exchange rate and an increase in foreign exchange reserves are the reasons behind the record increase in remittances. Source: Radio Pakistan