Dwindling remittances

There are approximately 9 mil lion overseas Pakistani livingaround the world. Working outside and sending money to their families or in the shape of investments. However, in the wake of the current political instability in the country, overseas Pakistanis have become disappointed and discontinued sending remittances via official channels, including Saudi Arabia, the United Arab Emirates (UAE), the United States, the United Kingdom, and Europe. It is estimated that the remittances sent by overseas Pakistanis have declined by 14 percent. And the inflows dropped by $2.5 billion to $2.1 billion in this fiscal year. People are preferring to send money through the hawala and hundi systems due to which the official remittances figures have dropped drastically which not only resulted in a decrease in Foreign Reserves but also devaluated the rupee against the dollar which seems alarming for a developing country like Pakistan. As a result of this catastrophic condition, the country needs a free-market exchange rate that can help the issues, reconsider the remittances policy, and most importantly retrieves the confidence of Overseas by giving them voting rights. NOREEN ANWAR, Turbat.

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