KARACHI: The bullish trend in remittances remained intact as Pakistan received $3.214 billion in July, marking a 7.4 per cent increase year-on-year — despite the government’s move to rationalise incentives offered to banks on inward remittances.

The strong inflow came amid concerns from commercial banks, which had protested the reduction in incentives. However, bankers dealing in foreign exchange said the cuts would not materially affect the flow of remittances, adding that banks still stand to make substantial profits. “Remittance flows are expected to continue at last year’s pace unless disrupted by unforeseen circumstances,” one banker........

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