Bankers and money changers have said that if the inflow of foreign exchangethrough banking channels remained high in September, remittances couldincrease by up to $2 billion.
According to the reports, currency experts say that the inflow of foreignexchange through banking channels is high for at least four reasons,forcing Pakistanis abroad to send their money only through banks.
Malik Bostan, president of the Forex Association of Pakistan, said theclosure of commercial flights had forced all transmitters to send moneythrough banks.
He said that due to the coronavirus, the movement of Pakistanis abroad wasrestricted and as a result, a definite process was started towards formalchannels (banks).
Malik Bostan said he used to bring thousands of dollars in his bag insteadof sending them through the banking system.
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“The current account surplus in July and August strengthened the exchangerate and will continue to support the country’s economy,” he said.
Malik Bostan added that exchange companies were depositing more dollars inbanks while open markets were trading almost unilaterally as buyers tradedonly 10 per cent while the rest were sellers.
