KARACHI: Remittances from Pakistani workers employed abroad increased to $2.3 billion in September, a 31.2% rise year-on-year and up 9% compared to the previous month, the country’s central bank said on Monday.
Remittances remained above $2 billion for a fourth consecutive month, capping a higher than expected inflow of finances in the first quarter of FY2020-21 for the South Asian nation, which has struggled with current account deficits and a depreciating currency.
“The level of remittances in September was slightly higher than SBP’s projections of $2 billion,” the State Bank of Pakistan said in a statement, adding that first quarter figures were 31.1% higher year on year.
Multiple factors contributed to the increase, including Pakistan’s crackdown on illegal channels, Samiullah Tariq, head of research and development at Pakistan Kuwait Investment Company, told Reuters.
Pakistan’s ability to curb illegal financial transactions, including financing of militant and extremist groups, has been under close scrutiny from international financial watchdog the Financial Action Task Force (FATF), which meets next week in Paris to review the country’s progress on key action points.
“Remittances are consistently increasing due to a combination of factors including limited physical mobility of expats to Pakistani due to COVID-19 resulting in more transfers through official channels,” Tariq said.
“COVID-19 test requirement is still there for the Middle East, UK and US, major countries from where remittances come, so people are traveling less,” Saad Hashemy, Executive Director BMA Capital Management, told Reuters.
“Despite COVID-19 more good news for our economy,” Prime Minister Imran Khan tweeted on Monday before the central bank released the numbers.
Remittances to Pakistan top $2 billion for fourth month
https://arab.news/nw38u
Remittances to Pakistan top $2 billion for fourth month
- Multiple factors contributed to the increase, including Pakistan’s crackdown on illegal channels, says analyst
- Despite COVID-19 more good news for our economy, PM Imran Khan
Pakistan says Indian minister initiated handshake in Dhaka, first contact since May conflict
- Pakistan’s Ayaz Sadiq and India’s Subrahmanyam Jaishankar met on the sidelines of Khaleda Zia’s funeral
- The National Assembly of Pakistan says Islamabad has consistently emphasized dialogue with New Delhi
ISLAMABAD: Pakistan said on Wednesday Indian External Affairs Minister Subrahmanyam Jaishankar initiated a brief handshake with Speaker of the National Assembly Sardar Ayaz Sadiq in Dhaka, marking the first high-level contact between the two nuclear-armed rivals since their military conflict in May.
The encounter took place on the sidelines of the funeral of former Bangladeshi prime minister Khaleda Zia, attended by senior officials and diplomats from multiple countries.
Ties between India and Pakistan have remained frozen since a four-day military confrontation in May, during which both sides exchanged missile, drone and air strikes before a ceasefire brokered by Washington.
“During Speaker NA Sardar Ayaz Sadiq’s visit to the Parliament of Bangladesh ... the Indian External Minister Dr. S. Jaishankar approached the Speaker National Assembly and [shook] hands,” Pakistan’s National Assembly said in a post on social media platform X.
It added that Jaishankar introduced himself to Sadiq during the brief interaction. India has not commented publicly on the exchange.
“It is noteworthy that Pakistan has consistently emphasized dialogue, restraint, and cooperative measures, including proposals for peace talks,” the post continued.
Tensions between the two neighbors escalated in April after a militant attack in Indian-administered Kashmir killed more than 20 tourists. New Delhi blamed Pakistan for supporting the attack, an allegation Islamabad denied, calling instead for an independent and transparent investigation.
Officials from both countries have largely avoided public interactions since the conflict, with senior figures refraining from handshakes or exchanges at international gatherings.
Sadiq was in Dhaka to attend Zia’s funeral and to convey condolences from Pakistan’s leadership and people. He also met Zia’s son Tarique Rahman, the acting chairman of the Bangladesh Nationalist Party, according to Pakistan’s high commission in Bangladesh.
Speaking to Pakistan’s Geo TV, Sadiq confirmed that Jaishankar approached him in full media glare and exchanged pleasantries.
Responding to a question about being photographed with the Indian minister, he said: “Cameras arrived with them. Our people took the photographs later.”
