Dada Pota Show of 12-04-2018. The only program of business and economy in Pakistan.
Foreign Remittances K-Electric SSGC Iran Currency Crisis Political Economy Dada Pota Show 12-04-2018
Dada Pota Show 12-04-2018 based on detailed discussion on Foreign Remittances, K-Electric, SSGC, Iran Currency Crisis & Political Economy.
Today, Dada G shared his opinion on important news that Remittances touch seven-month high at $1.77 billion in March & Steep Slide in Currency Threatens Iran’s Economy.
Overseas workers’ remittances touched a seven-month high at $1.77 billion in March 2018, a development that comes on back of the second-round rupee devaluation against the US dollar, showed data released by the State Bank of Pakistan (SBP) on Tuesday.
The amount is 4.6% higher than $1.69 billion received in the same month (March) of the previous year and 22.24% higher than $1.45 billion received in the previous month of February 2018.
The amount of $1.77 billion is the highest in the last seven months, next to $1.95 billion received in August 2017, according to the central bank. “This is an unusual pick up (in remittances)…devaluation is the primary reason for this higher number,” EFG Hermes Pakistan Chief Executive Office Muzammil Aslam told The Express Tribune.
“Higher remittances have no connection with the recently-announced amnesty scheme. Its impact has yet to come,” he added. There was strong speculation about the then devaluation in the market. Overseas Pakistani workers were also aware of the rumour, he said.
Aslam expressed hope that remittances would remain on the higher side in the remaining three months (April-June 2018) of the current fiscal year 2018 due to a weaker rupee and the amnesty scheme announced recently by the country’s prime minister.
Another market analyst opined that the proposed taxation on remittances at the value of over $100,000 a year (to check misuse of funds) might be one of the reasons why overseas Pakistanis sent a higher amount to their families.
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