Remittances steady, but war risks loom

KARACHI: Remittances remained steady in February, with Pakistan receiving $3.3 billion from overseas workers, even as tensions in the Middle East intensified before erupting into war at the end of the month.

The State Bank of Pakistan (SBP) reported on Tuesday that inflows from all major destinations where Pakistanis are employed, including the Middle East, remained stable.

However, currency experts believe remittances could be affected in March as the conflict has already disrupted the economies of oil-producing Arab countries. For the past 12 days, oil supplies have either stopped or remained well below normal levels.

Pakistan has also felt the impact, as the government recently increased petroleum prices by Rs55 per litre, while a federal minister said the initial proposal had been to raise prices by Rs110 per litre. If the war continues, oil prices could rise further.

July-February inflows rise 10.5pc to $26.5bn

July-February inflows rise 10.5pc to $26.5bn

At the same time, experts warn that prolonged conflict could lead to job losses among overseas Pakistanis, which would significantly affect........

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