Business

Workers’ remittances increase by 11.5% in October

Published

1 year ago

Farwa

SBP says inward remittances stood at $8.8 billion from Jul-Oct.
Remittances increased by 9.6% on YoY basis.
Analyst credits crackdown against hundi/hawala for increase.

KARACHI: The remittances from the overseas workers were recorded at $2.5 billion in the month of October making it an increase of 11.5% month-on-month basis, said the State Bank of Pakistan (SBP) in a statement on Friday.

“In terms of growth, during October 2023, remittances increased by 11.5% on month on month and 9.6% on year on year basis,” said the central bank.

The central bank also shared that in the first four months of the ongoing fiscal year, the inward remittances stood at $8.8 billion.

Workers’ remittances increase by 11.5% in October

As per the SBP, out of the $2.5 billion, Pakistani workers from Saudi Arabia sent $616.8 million, United Arab Emirates was second with $473.9 million, remittances from United Kingdom were recorded at $330.2 million and $283.3 million was sent from the United States.

Former economic adviser to the Ministry of Finance Dr Khaqan Najeeb credited the closing of the exchange rate between the open and interbank markets and curbing of illegal exchange for the increase in remittances.

“Closing of the exchange rate between the open market and interbank has helped remittances flow through the formal sector increasing the October remittances by nearly $300 million compared to last month,” said Dr Najeeb.

The economist states that the recent “enforcement measures” undertaken by the government against the illegal exchange market had helped bring down the demand for smuggling for dollarisation and also control hundi/hawala.

“This has all helped channelise remittances through the interbank,” said Dr Najeeb. He added that the increase in remittances from the Middle East was an indicator that hundi/hawala was declining as these countries have a higher percentage of the hundi/hawala business.

“This overall is contributing to the improvement in the remittances in October,” said the economist.

Business

With its second-largest surge ever, PSX approaches 114,000 points.

Published

5 hours ago

Farwa

Driven by renewed activity from both private and government financial institutions, the Pakistan Stock Exchange (PSX) saw its second-largest rally in history on Monday.

The market regained many important levels in a single trading session as it rose with previously unheard-of momentum.

Intraday trading saw a top increase of 4,676 points, and the PSX’s benchmark KSE-100 Index gained 4,411 points to settle at 113,924 points. This impressive rebound demonstrated significant investor confidence by reestablishing the 100,000, 111,000, 112,000, and 113,000-point levels.

The market also saw the 114,000-point limit reestablished during the trading session.

The positive tendency was reflected when the market’s heavyweight shares touched its upper circuits. Among the most busiest trading sessions in recent memory, an astounding 85.78 billion shares worth a total of Rs55 billion were exchanged.

Experts credited the spike to heightened institutional investor activity and hope for macroeconomic recovery. Considered a major market recovery, the rally demonstrated the market’s tenacity and development potential.

Business

In interbank trade, the Pakistani rupee beats the US dollar.

Published

1 week ago

Farwa

In the international exchange market, the US dollar has continued to weaken in relation to the Pakistani rupee.

The dollar fell to Rs278.10 from Rs278.17 at the beginning of interbank trading, according to currency dealers, a seven paisa loss.

In the meantime, there was a lot of turbulence in the stock market, but it recovered and moved into the positive zone. The KSE-100 index recovered momentum and reached 116,000 points after soaring 1,300 points.

Both currency and stock market swings, according to analysts, are a reflection of ongoing market adjustments and economic uncertainty.

Business

Phase II of CPEC: China-Pakistan Partnership Enters a New Era

Published

1 week ago

Farwa

The cornerstone of economic cooperation between the two brothers and all-weather friends is still the China-Pakistan Economic Corridor, the initiative’s flagship project.

In contrast to reports of a slowdown, recent events indicate a renewed vigour and strategic emphasis on pushing the second phase of CPEC, known as CPEC Phase-2, according to the Ministry of Planning, Development, and Special Initiatives.

According to the statement, this crucial stage seeks to reshape the foundation of bilateral ties via increased cooperation, cutting-edge technology transfer, and revolutionary socioeconomic initiatives.

Planning Minister Ahsan Iqbal is leading Pakistan’s participation in a number of high-profile gatherings in China, such as the 3rd Forum on China-Indian Ocean Region Development Cooperation in Kunming and the High-Level Seminar on CPEC-2 in Beijing.

His involvement demonstrates Pakistan’s commitment to reviving CPEC, resolving outstanding concerns, and developing a strong phase-2 roadmap that considers both countries’ long-term prosperity.

At the core of these interactions is China’s steadfast determination to turn CPEC into a strategic alliance that promotes development, progress, and connectivity.

Instead of being marginalised, CPEC is developing into a multifaceted framework with five main thematic corridors: the Opening-Up/Regional Connectivity Corridor, the Innovation Corridor, the Green Corridor, the Growth Corridor, and the Livelihood-Enhancing Corridor.

With the help of projects like these, the two countries will fortify their partnership, and CPEC phase-2 will become a model of global economic integration and collaboration that benefits not just China and Pakistan but the entire region.