MONTHLY REMITTANCES, EXPORTS JUMP OVER FIVE BILLION DOLLARS

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DNA

KARACHI, APR 16 – Chairman of National Business Group of FPCCI, President Pakistan Businessmen and Intellectuals Forum and All Karachi Industrial Alliance, and former provincial minister Mian Zahid on Friday said for the first time in the history of country monthly exports and remittances have surpassed five billion dollars.

Moreover, foreign exchange reserves are at $23.22 billion, the highest since July 2017 while the rupee is continuously gaining strength against the US dollar and the credit of these positive development goes to the Government and SBP, he said.

Talking to the business community, the veteran business leader said that coronavirus has damaged economic activities across the world including Pakistan but some sectors are showing positive sings while over one hundred thousand people have invested in Roshan Digital Accounts, a recent initiative of SBP chief Dr Baqir Raza.

Remittances have remained over 2 billion dollars per month pushing its share in GDP to 10 percent and annual receipts can hit the mark of 27.28 billion dollars.

Exports have also remained over 2 billion dollars since last six months while the monthly exports in March were highest in a decade.

Mian Zahid said that imports are also picking up; March imports were one billion dollars more than that of February indicating increased economic activity.

World Bank has recently said that Pakistan can enhance exports to 88.1 billion dollars which should be taken seriously as it will provide jobs to five million people and increased revenue by 1.74 billion dollars.

The export jump will require continued supply of energy on regionally competitive rates coupled with enabling policies, he said.