Pakistan’s Crackdown on Illegal Dollar Trade Boosts Remittances
- Workers’ send-home pay rises 34% year-on-year this fiscal
- Remittances may rise to a record this year: finance minister
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Pakistan’s efforts to curb illegal foreign-exchange trades are seen boosting the nation’s remittances to a record high this year.
The cash sent home by those living offshore rose 34% to $14.8 billion in the five months through November from a year ago, according to central bank data. This comes after the country‘s crackdown on unofficial buying or selling of dollars. Finance minister Muhammad Aurangzeb expects remittances to reach an all-time high of $35 billion this year from $30 billion last year.