Pakistan Cash Crisis: Even loved ones left poor Pakistan in crisis, migrant Pakistanis are not sending money at home, cash flow reached trough – pakistan foreign reserve crisis as remittances hits to lowest level amid severe economic crisis
[ad_1]
This decline has increased Pakistan’s dependence on foreign debt, which is already completely dependent on the IMF. In the first seven months of the current financial year (July to January 2023), this money decreased by 11 percent to $ 16 billion as compared to $ 18 billion in the same period last year. Most of the remittances in January 2023 came from Saudi Arabia ($407.6 million), UAE ($269.2 million), UK ($330.4 million) and the US ($213.9 million).
Cash flow increases on Ramadan
Experts believe that cash flows from abroad may improve in the coming months following the devaluation of the Pakistani rupee against the US dollar in the interbank market. It is also believed that the Pakistani diaspora is expected to send more money to their relatives during the upcoming month of Ramzan. Historical data shows that remittances usually increase during the festivals of Ramzan and Eid.
‘Quran in one hand, nuclear bomb in the other’, poisonous words of Pakistani Maulana
Understand the importance of remittance
When expatriates living abroad send money to their relatives in their country, that money is called remittance. Remittance plays a major role in increasing the foreign exchange reserves of the country. Pakistan’s treasury is becoming empty. The country’s foreign exchange reserves have come down below $3 billion. The decline in workers’ remittances has added to Pakistan’s economic instability. Alternative routes for the Shahbaz government are now slowly getting closed.
(If you want to read the latest and quality news related to the world and science on your WhatsApp, please click here.)
[ad_2]
Source link
