Exchange companies sell $4bn in first half of FY25

Remittances through exchange companies remained robust during the first half of the current fiscal year (FY25), with $2 billion sold to banks and an additional $2bn in the open market. Pakistan is on track to receive $35bn in total remittances through banks by the end of FY25, with inflows already showing a 33 per cent increase in the first half compared to the previous year. According to bankers, a stable exchange rate and a government crackdown on illegal currency trade have significantly contributed to the rise in remittances. The open market, previously a hub for unauthorised currency dealings, saw substantial improvement following the 2023 crackdown, benefiting both banks and exchange companies.