Pakistan may get $3 billion extra foreign remittances in FY 2018

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Pakistan may get $3 billion extra foreign remittances in FY 2018

ISLAMABAD - Remittances to Pakistan touched $2 billion in October 2018.

According to analysis from the Economist Intelligence Unit (EIU), October remittances stayed above the average monthly remittances of $1.7 billion.

If the trend continues, Pakistan may get extra remittances of $3 billion this year.

The increase in remittances was driven primarily by the weakening of the Pakistani rupee, which made the currency attractive for the expat population.

EIU predicts higher remittances for Pakistan in 2018 compared to the previous year. Among other factors driving the higher inflows are the rising oil prices and better economic conditions in the Gulf countries – which boast a sizeable proportion of the expat population.