Tag Archives: Grey Market

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 …

The grey currency market in Pakistan has reemerged, fueled by a surge in the smuggling of US dollars to neighboring countries. This shadowy market operates outside the official remittance channels, offering exchange rates that are significantly higher than those set by the government. According to Zafar Paracha, General Secretary of the Exchange Companies Association of Pakistan, the grey market is …