Monday, March 4, 2024

Rupee Depreciation is good for Millions of Pakistanis; Governor state bank.

Governor of the State Bank of Pakistan (SBP) Reza Baqir remarked on Wednesday that the rupee’s devaluation versus the US dollar benefited expatriate Pakistanis sending remittances to the country.

“Assume our contributions reach $30 billion this year — we hope they will be even higher — and our pound sterling [against the dollar] has depreciated even 10% in the last few months, an additional $3 billion is reaching the families of overseas Pakistanis – this comes to more than Rs500 billion.”

“The quantity of remittances provided by our overseas Pakistanis — after their hard work and effort — is increasing due to exchange rate [fluctuation,” he stated at a press conference in Manchester, UK.

He claimed that while the rising exchange rate harmed some people, it benefited others.

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