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Rise in remittances

According to a latest data of the SBP, the country received $16.096 billion in remittances during nine months of the current fiscal year which were higher by 8.7 percent compared to $14.80 billion received in the corresponding period of last year. Highest inflows came from Saudi Arabia, which reached $3.747 billion, edging higher by 1.5 percent compared to $3.69 billion in the corresponding period of FY18. The UAE followed closely with $3.414 billion in workers’ remittances, showing a growth rate of 4.18 percent compared to $3.28 billion in July-March, 2018. A highest growth in remittances was recorded from the US from where inflows jumped by 23.6 percent to $2.516 billion, making it the third largest source of inflows. Remittances from the UK also showed a healthy increase of 16.9 percent to reach $2.475 billion from $2.18 billion in the corresponding period of last year. However, inflows from the GCC countries shrank by 6.4 percent to $1.542 billion during July-March, 2019 compared to $1.648 billion in the corresponding months of last year.
The growth in remittances during nine months of FY19 is of course a very welcome development, especially at a time when external sector situation of the country is dire and the authorities are, more or less, forced to negotiate a programme with the IMF to meet the huge deficit in current account (C/A) balance. Although, home remittances are not the only component of current account, yet its position has, of late, become very overwhelming in the external sector accounts of the country. In fact, home remittances at dollar 16.1 billion during July-March, 2019 are nearly equal to the export proceeds of the country at dollar 17.1 billion in the same period of the current fiscal. Needless to say that home remittances of this size are quite helpful in containing the overall C/A deficit, building up foreign exchange reserves and keeping the exchange rate at a reasonable level.
While appreciating the contribution of home remittances in keeping the foreign sector in a reasonable state of health, authorities of the country need to ensure the continuation of an enabling environment to gain maximum advantage from this vital source of foreign exchange. We are happy that authorities are working harder to attract a higher level of home remittances through a number of initiatives like market determined exchange rate of the rupee, a crackdown on money changers and other illegal transfers and a stringent monetary policy that has served to keep the domestic interest rates attractive, relative to the rates of return available in foreign countries. We can only propose to the government to monitor the situation closely and devise an appropriate framework to ensure that potential of this source to finance the C/A deficit could be maximised.

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