LAHORE – As the global remittance flows tumble amid the coronavirus pandemic, remittance flow in South Asian countries increased and Pakistan is no exception, said a World Bank report.
According to the latest Migration and Development Brief published by the World Bank, the growth in the home remittances from Pakistanis working abroad last year was much faster than 5.2 percent inflows to the South Asian countries.
The remittances of the south asian county rose by about 17 percent, with the biggest growth coming from Saudi Arabia followed by the gulf and European countries.
A number of international financial institutions including the World Bank had predicted a plunge in remittance flows to Pakistan hinting at a parching of foreign exchange funds for the country. However, inflows have seen an unusual spike against all the predictions.
Experts suggest that FATF-related restrictions, limited international travel, and incentives offered by the central bank to overseas Pakistanis have driven growth in remittances in spite of the impacts of the Covid-19 crisis. Roshan Digital Accounts, which recently crossed the $1 billion mark, has also helped attract more overseas.
Pakistani rupee saw slight gains against US dollar in the open market on March 19, 2024, Tuesday.
In the open market, the US dollar was being quoted at 278.6 for buying and 281.45 for selling.
Euro remains unchanged at 303 for buying and 306 for selling while British Pound hovers around 356 for buying, and 359 for selling.
UAE Dirham AED saw slight changes and new rate stands at 75.7 whereas the Saudi Riyal new rates was 73.95.
Currency | Symbol | Buying | Selling |
---|---|---|---|
US Dollar | USD | 278.6 | 281.45 |
Euro | EUR | 303 | 306 |
UK Pound Sterling | GBP | 356 | 359 |
U.A.E Dirham | AED | 75.7 | 76.45 |
Saudi Riyal | SAR | 73.95 | 74.4 |
Australian Dollar | AUD | 182.7 | 184.5 |
Bahrain Dinar | BHD | 741.22 | 749.22 |
Canadian Dollar | CAD | 204 | 206.2 |
China Yuan | CNY | 38.73 | 39.13 |
Danish Krone | DKK | 40.69 | 41.09 |
Hong Kong Dollar | HKD | 35.63 | 35.98 |
Indian Rupee | INR | 3.36 | 3.47 |
Japanese Yen | JPY | 1.86 | 1.94 |
Kuwaiti Dinar | KWD | 903.77 | 912.77 |
Malaysian Ringgit | MYR | 59.25 | 59.85 |
New Zealand Dollar | NZD | 169.5 | 171.5 |
Norwegians Krone | NOK | 26.27 | 26.57 |
Omani Riyal | OMR | 723.7 | 731.7 |
Qatari Riyal | QAR | 76.57 | 77.27 |
Singapore Dollar | SGD | 206 | 208 |
Swedish Korona | SEK | 26.89 | 27.19 |
Swiss Franc | CHF | 315.26 | 317.76 |
Thai Bhat | THB | 7.76 | 7.91 |
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