Tag Archives: Foreign Exchange

Overseas Pakistani Remittances Near $3 Billion for the Fourth Consecutive Month In a remarkable display of financial support, overseas Pakistanis sent $2.943 billion in remittances during August 2024, marking a 40% increase compared to the same month last year when the inflow was recorded at $2.094 billion. This significant rise in remittances underscores the continued dedication of expatriate Pakistanis to …

SBP Foreign Exchange Reserves Post Marginal Weekly Increase The State Bank of Pakistan (SBP) has reported a slight increase in its foreign exchange reserves for the week ending August 16, 2024. According to the latest data released by the central bank on Thursday, the reserves held by the SBP have risen by $19 million on a weekly basis. The Numbers …

REER Index Update: The Real Effective Exchange Rate (REER) index appreciated to 101.5 in July 2024, up from 100.1 in June 2024, according to the State Bank of Pakistan (SBP). Currency Exchange Rates as of 19-Aug-2024: USD/PKR: 1-week: 279.0876 1-month: 281.3104 6-month: 289.9788 1-year: 302.2286 EUR/PKR: 1-week: 308.3095 1-month: 311.1427 6-month: 322.4834 1-year: 338.8322 GBP/PKR: 1-week: 361.9653 1-month: 364.9505 6-month: …

Record Increase in Remittances Remittances from overseas Pakistani workers surged by 48% in July 2024 compared to the same month last year, reaching $2.995 billion, according to data from the State Bank of Pakistan (SBP). This marks a significant increase from $2.029 billion in July 2023. Analysts view this jump as a positive indicator for the government amidst ongoing political …

In a recent report by ACE Money Transfer, a UK-based company, a startling revelation has come to light: illicit activities, including the black market trade and smuggling of United States Dollars (USD), are quietly siphoning off a staggering $23 billion from Pakistan’s economy every year. These clandestine operations, which encompass black market currency trade, oil smuggling, gold smuggling, and challenges …