The State Bank of Pakistan says that worker remittances have decreased due to global recession and inflation.
In the statement released by the State Bank, it has been said that due to Eid remittances in April 2022, worker remittances were 3.1 billion dollars, worker remittances have decreased due to global recession and inflation.
The State Bank says that inflation in developed countries has increased the costs and that is why remittances have decreased. Those who come to Pakistan after Covid are bringing cash dollars with them. There are many reasons for the decrease in exports and remittances, the only reason is the exchange rate. no.
The State Bank has also denied the loss of 3 billion dollars by capping the value of the dollar.
According to the State Bank, the talk of loss of 3 billion dollars by capping the value of the dollar is wrong, exports are taking the negative effect of the global recession, increasing the interest rates of most countries is reducing the demand for Pakistani products.
State Bank says US interest rate was 0.25% in March 2022 which is 4.50% today Inflation rate is high even in developed countries Exports affected by global recession, inflation, post covid supply issues and floods Slightly stable Interest rate is not the reason for decreasing exports.