Pakistan Economy: Increasing base of NRPs yet to reflect in remittances – By JS Research

<p></p><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">Aug-2023 remittances barely maintained the recent monthly trend and clocked in at US$2.1bn (+3% MoM/-24% YoY), taking remittances for 2MFY24 down ~22% YoY to US$4.1bn.</span></li></ul><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">On the other hand, Non-Resident Pakistanis (NRPs) have increased by a further 200,000+ in the ongoing fiscal year (~2%+) already, compared to average annual increase of 6% in the last 10 years, where sluggish remittances have resulted in a further 10% decline in remittances per NRP to US$159/month.</span></li></ul><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">Widening gap between interbank and open market PKR/US$ rate, especially in the second-half of...