Remittances reach highest, registering a growth of 36.5 percent August 17, 2020

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Remittances reach highest, registering a growth of 36.5 percent August 17, 2020

ISLAMABAD- Foreign remittances during the last month have risen to 2768.1 million dollars as compared to 2027.9 million dollars in the corresponding month last year, registering a growth of 36.5 percent, the highest ever in a single month in Pakistan.

According to a press release issued by the Ministry of Finance, State Bank of Pakistan has raised the payment limits for information technology related freelance services from 5,000 dollars to 25,000 dollars per individual per month to enhance business-to-customer transactions through home remittance channel.

The press release said the step will facilitate freelancers to increase home remittances through formal banking channels in the country.

It said that a "National Remittance Loyalty Program" will be launched from next month through which various incentives will be given to remitters through mobile apps and cards.

The press release said, financial institutions were motivated to use effective marketing campaigns for sending and receiving remittances through legal channels.

The significant increase in remittances during last month can be attributed to orderly exchange rate conditions and policy steps taken by the State Bank and the Government under the Pakistan Remittance Initiative.