Remittances rise on the back of Exchange Rate Fluctuations

Fluctuations in the exchange rate help lift remittances number for the last two months. Remittances from United Kingdom during July to August rose by 33 percent. The total Remittances from UK during the two months amounted to 448 million dollars.

Adding to the fluctuations, Eid Holidays helped prop up the total amount as expats send their earnings back home to their families in Pakistan. Holidays season usually helps increase remittances number, due to a large Pakistani Diaspora in UK and Europe.

Total remittances from European Union also recorded a substantial increase of 45 percent during July to August; the total remittances from European Union amounted to 115 million dollars.

Remittances rose after value of UK and EU currencies rose sharply in banking counter and Open Market Operations.

Euro value rose by Rs. 4.75 to Rs. 125.75 during July to August period. GBP rate increased by Rs. 2.80 to Rs. 140.50 during July to August period in Open Market

However, interbank Euro and Pound fell sharply. Euro was down nearly to 126.70 from 121 during two months. Pound was down to 139 from 137.70 during last two months at the banking counter.