Cash sent by overseas Filipino workers (OFWs) surged to an all-time high last December, and pushed the overall growth of remittances
for the whole of 2017 above the government's projection.
According to Pew Research Center, Saudi Arabia was the leading source of remittance
for Pakistan with $5.
The data further revealed that during 2015-16, the remittance
We expect 2017's average remittance
growth to at least match 2016's pace (5.
In Pakistan, almost 46 million people have bank accounts, but over 140 million uses mobile phones, indicating a growing demand for mobile money transfer services that experts say is one of the keys to channelising remittance
flows through legal sources.
Continuous efforts have been made by NBP to provide superior services to its remittance
customers through its extensive online branch network of more than 1,400 branches and 1100 ATMs, new alliances with international money sending businesses (MSBs) and through focused marketing of its products both in the local as well as international markets.
The World Bank revised downward its estimate of expatriates' remittance
inflows to Lebanon to $7.
According to a statement on Friday, the draw comprised of hundreds of gifts items such as Gold bars, Laptops, Motor Cycles, Cell phones, Digital Cameras, LED TVs and DVD Players for NBP Home Remittance
Customers across Pakistan.
Demeke said the amount of remittance
exceeded the country's export trade earnings over the same period.
The report, which highlights the movement of people as well as remittance
flows, presents data that dovetails with internal research of UAE Exchange, the leading global remittance
, foreign exchange and payment solutions brand.
payments are a fundamental, yet often overlooked, part of the global economy.
The economic contraction in Russia, a major remittance
source country, has resulted in migrant job losses while the depreciation of the ruble has reduced the real incomes of migrant workers in Russia and reduced the value of remittances
in US dollar terms.
The volume of remittance
in general rose by 2 percent (year-on-year) in August 2014 compared to remittances
of the same period last year which stood at SR17.
receiving countries with outstanding physical and human capital stocks, and financial systems, should notably channel remittance
flows towards economic growth.
The government has also advised the banks to examine the feasibility of setting up centralised remittance
receiving centres for efficiency and better customer service.