KARACHI: The State Bank of Pakistan (SBP) has reported an increase of 4% in remittances sent by overseas Pakistanis, with the current inflow totalling $13.3billion in the first seven months of the current fiscal year.
Figures for the same time frame last year stood at $12.77billion. In January alone, the remittances escalated 9% to $1.9billion, against the sum of $1.74billion in the same month of previous year.
The increase in funds being sent from Pakistanis abroad is reportedly a result of the incumbent government’s implementation of the anti-money laundering (AML) and combating financing of terrorism (CFT) rules of the global financial transaction watchdog – the Financial Action Task Force’s (FATF).
As per the central bank’s data, remittances from the US and UK cumulatively accounted for over 32% of the total $13.3billion revenue from July-Jan in the current financial year.
However, owing to a downtrend in international oil prices, remittances from Saudi Arabia and the UAE have experienced a decline.
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