Daily Times

KARACHI: Foreign remittances have witnessed a surge ahead of holy month of Ramadan as bankers and forex market analysts have predicted that the country would receive more than $20 billion by the end of current fiscal year. It was also estimated that the commercial banks would receive larger amounts of remittances and member companies of Pakistan Foreign Exchange Association would handles around $4 billion. Projected remittances for June 2016 are $1.54 billion, higher by 25 as compared to June 2015. Saudi Arabia’s remittances were $5.6 billion and remittances from other Gulf Council Countries stood at $2.151 billion compared to $1.865 billion in FY-2014. Remittances received from the United Sates were $2.585 billion while overseas Pakistanis sent $2.28 billion remittances from the United Kingdom. The remittances from the European Union were $361 million. The State Bank of Pakistan (SBP) has asked the commercial banks and exchange companies not to exceed spread between buying/selling rates of Saudi riyal, dollar, pound sterling, euro and United Arab Emirates (UAE) dirham beyond one percent of their buying rate. For all other foreign currencies, exchange companies should ensure to maintain a competitive spread, SBP instructed them. In case of any violation of the central bank’s instructions by an exchange company, appropriate regulatory action would be taken against it under related rules and regulations, the SBP warned.