Islamabad: According to a recent news report, the rating agency Moody’s has predicted that Pakistan’s remittances will continue to grow in the coming years as a result of the measures announced by the Pakistani government and the State Bank of Pakistan in recent months.
As indicated in the details uncovered in the report, the installments will keep developing throughout the next few years albeit the development rate is required to back off. The Pakistan Remittances Initiative and specialized advances which have diminished the exchange costs for the settlements through electronic and official channels have been distinguished as the essential drivers of this development.
The report likewise noticed that the expansion is credit positive for Pakistan’s banks, especially for United Bank since it has a main piece of the overall industry of around 24% for the settlements as of September 30, 2020.
The development is the opposite of what Moody’s had expected due to the pandemic. Various international organizations had predicted that payments would remain flat, while World Bank had forecasted a decline in global remittances.
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