Growth in remittance flows into India to decelerate to 0.2% in 2023, from 24% in 2023: World Bank
Pakistan lost at least USD 3.7 billion in the first 11 months of the current fiscal year as expatriates used unofficial channels for remittances due to the huge exchange rate gap, the cash-strapped country's central bank has said. The Pakistani rupee has been in a state of freefall for most of the year due to pressure on the depleting foreign exchange reserves, creating a difference between the inter-bank and private money market exchange rates. Data released by the State Bank of Pakistan (SBP) on Tuesday showed that the country lost USD 3.7 billion in remittances during the first 11 months of FY23 mainly due to a widening exchange rate gap. Overseas Pakistanis who sent money to their relatives and families apparently resorted to unofficial channels to transfer funds, causing a loss to the official remittances that majorly contribute to helping support the balance of payments, the Dawn newspaper reported. It said the remittances sent by Pakistani expatriates dipped month-on-month b
Any nation that restrains its citizens from investing or spending money overseas will face difficulty in becoming a superpower
Reflecting buoyancy in travel and spending on relatives, outward remittances surged substantially for the second year on the trot
Any expense above this ceiling will require RBI's permission
Despite an improved external situation, Goldman expects rupee to underperform Asian peers
New rules on remittances may rein in legal transfers
Highly-skilled Indian migrants from the US, UK and Australia were sending more money home, helped by job support programs during Covid-19 restrictions
Have transparent reasons for each transfer and use reputable service providers in order to avoid scrunity
Pakistani expatriates sent home USD 2.5 billion in remittances in March, a seven-month high, the State Bank of Pakistan said on Monday, as the cash-strapped country tried to avert a major economic crisis. The data from the central bank showed that the inflow of workers' remittances was 27 per cent higher compared to February. However, it was 11 per cent lower compared to March 2022, Geo News reported. Pakistan, currently tackling a major economic crisis, is grappling with high external debt, a weak local currency and dwindling foreign exchange reserves. According to the report, historical trends suggest that Pakistanis living abroad sent record-high remittances ahead of Eid festivals each year. According to the report, inflows remained comparatively high as non-resident Pakistanis used legal channels to send funds to their family, given the shrinking gap between rates in the interbank and the open market. Pakistani expatriates in Saudi Arabia topped the list of remittances by send
Budget 2023: Earlier, a 5 per cent tax collected at source was levied on foreign remittances
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The members will decide on the final priorities, but Sarkar said, the major ongoing priorities were digital financial inclusion and making finances more accessible to SMEs
G20 leaders have attached a lot of importance to the high remittance cost for workers outside India, and efforts are underway to bring the rate down to an average of 3 per cent by 2027, a top official said on Sunday. At present, the remittance cost, on an average, stands at around 6 per cent of each transaction, he said. "Workers and labourers employed outside India have to bear a high remittance cost, and G20 leaders have attached a lot of significance to reduction of this rate. "The aim is to bring it down to an average of 3 per cent by 2027," said Chanchal Sarkar, Economic Advisor, Ministry of Finance, Department of Economic Affairs. Sarkar was speaking at a briefing ahead of the first Global Partnership for Financial Inclusion meeting of the G20, scheduled to be held in Kolkata from January 9-11. He said remittance cost will be one of the key topics of discussion at the three-day event, along with digital financial inclusion principles and finance availability for SMEs. Indi
Of $90 billion remittances that India is expected to receive in 2022, only $27.4 billion has come in the first half of the year
State Bank of Pakistan says remittances sent by overseas Pakistani workers decreased 4.8% in November on a month-on-month basis
Remittance inflow pattern in India has undergone a structural shift from gulf countries to high-income countries in the past few years
Remittance flows to India will rise 12 per cent to reach $100 billion this year, according to a World Bank report published on Wednesday
Remittances are a vital source of household income for people in low- and middle-income countries, helping to alleviate poverty and building resilience
During the second quarter of FY23, remittances stood at $7.3 billion, compared to $5.2 billion a year ago