{"id":59548,"date":"2023-09-11T10:11:31","date_gmt":"2023-09-11T14:11:31","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/forex\/pakistans-remittances-recorded-at-2-billion-for-august-central-bank\/"},"modified":"2023-09-11T10:11:33","modified_gmt":"2023-09-11T14:11:33","slug":"pakistans-remittances-recorded-at-2-billion-for-august-central-bank","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=59548","title":{"rendered":"Pakistan’s remittances recorded at $2 billion for August \u2013 central bank"},"content":{"rendered":"
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(Reuters) – Pakistan’s foreign worker remittances were recorded at $2.09 billion for the month of August, the country’s central bank said in a statement on Monday, up slightly from $2.02 billion in July.<\/p>\n

Under a loan programme agreed in July to avert a default on Pakistan’s sovereign debt, the International Monetary Fund told authorities to limit the premium between the local rupee’s interbank and open market rates to 1.25% over any given five business days. <\/p>\n

“The major reason for the decline in remittances compared to last year is the huge gap between interbank, open market and black market rate which peaked at 10% during August ’23,” said Tahir Abbas, head of research at Karachi based investment company, Arif Habib Limited. <\/p>\n

The rupee has gained 2% against the dollar during the last four trading sessions, closing at 301.16 rupees on Monday. The gap between the interbank and open market has narrowed from highs of over 8% following regulatory changes and enforcement from law authorities. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

(Reuters) – Pakistan’s foreign worker remittances were recorded at $2.09 billion for the month of August, the country’s central bank said in a statement on Monday, up slightly from $2.02 billion in July. Under a loan programme agreed in July to avert a default on Pakistan’s sovereign debt, the International Monetary Fund told authorities to […]<\/p>\n","protected":false},"author":1,"featured_media":6660,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[244],"tags":[83],"class_list":["post-59548","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-forex","tag-featured"],"yoast_head":"\nPakistan's remittances recorded at $2 billion for August \u2013 central bank | iFintechWorld<\/title>\n<meta name=\"description\" content=\"(Reuters) - Pakistan's foreign worker remittances were recorded at $2.09 billion for the month of August, the country's central bank said in a statement\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=59548\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pakistan's remittances recorded at $2 billion for August \u2013 central bank | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"(Reuters) - 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