Exchange firms see $5bn inflow by end of Ramazan
Inflows of remittances are higher than ever and the exchange companies alone could accumulate $5 billion by the end of Ramazan, said exchange companies on Saturday. “We have already sold $3.5 to $4bn to the banks during the first 8 months of FY25 while Ramazan would add more to the total,” said Zafar Paracha, Secretary General of the Exchange Companies Association of Pakistan. The country received $20.9bn in remittances in July-January FY25 compared to $15.8bn a year ago, up 32.27pc, exceeding the $5bn growth projection for FY25 in the first seven months. “We are sure by the end of Ramazan we would be able to sell $5bn to the banks, which would be a great achievement,” said Mr Paracha. The exchange companies have been asking the government to facilitate overseas Pakistanis for boosting inflows instead of doling out subsidies to exporters. However, the strong lobby of exporters is getting benefits but has failed to bring any significant increase while the remittances have already exceeded the export proceeds.