Inflows trend suggests that the remittances may total $31 billion in the full fiscal year 2021-22, an official said. Photo: fileForeign remittance service providers have voiced optimism that Pakistan’s remittances can surpass $50 billion per annum, if authorities restrain the black market, which they believe constitutes nearly 80% of the total market. They point out the black market or illegal ways of sending remittances, commonly known as Hundi and Hawala in Pakistan, are a global phenomenon. Speaking to The Express Tribune, Hafiz estimated that remittances to Pakistan would likely remain around $26 billion to $27 billion in the current fiscal year. Many believe the figure should rise at a steady pace since more than 10 million Pakistanis live overseas, of which 65% regularly send money back to their home country.

Source: The Express Tribune May 28, 2023 07:27 UTC