Pakistan sees a rise in remittances this Ramadan - AsiaNet-Pakistan

Pakistan sees a rise in remittances this Ramadan

August 4, 2014 | General Business News | Share:

Islamabad, August 04, 2014 (PPI-OT): Xpress Money, one of the world’s most dependable money transfer brand, saw a 15 percent rise in remittances to Pakistan, on account of Eid-UL-Fitr. This is a positive indicator in line with the Government’s effort to strengthen the foreign exchange reserves of the country.

There has been an increasing trend of Pakistani expats starting to save and send back a little extra money from June onwards for Ramadan, Eid ul Fitr and Eid ul Azha. To set the festive mood and bring smiles to their families and friends back home, remittances for the month of June 2014 were US $ 1,499.28 mn, higher by 28.56 % as compared to June 2013 (US $ 1,166.19 mn) .

Mr. Rizwan Ali Hamdani, Country Manager – AFPAK, Xpress Money said, “Traditionally, remittance inflows increase during the Holy Month, which concludes with the festivities of Eid-ul-Fitr.

On an average, semi-skilled workers remit about 70- 80% of their earnings each month, however, during Ramadan they try and save 10% more to send back to their families to celebrate the festival with grandeur.” Workers manage to save the extra money by making fewer calls home and by cutting down on their meal expenses by attending Iftars organized by Mosques and Corporates.

To add value to their efforts, Xpress Money is currently running the ‘Win Everyday’ promotion wherein customers transferring money to Pakistan from UAE, Saudi Arabia, Qatar, Kuwait, Bahrain, Jordan, UK, Malaysia, Greece, Maldives and Brunei, can win PKR 25,000 daily and PKR 5,00,000 at the end of the promotion, which concludes on August 12, 2014.

“Eid is a special festival for me and my family. Each year I save for this occasion so that I can send more money home. Besides saving, I also aim to capitalize on the on-going promotions to get that extra money”, said Abdul Mansoori, a factory worker from Pakistan working in KSA.

For more information, contact:
Alisha Fernandes
Xpress Money
Tell: +971 2 652 1317

The post Pakistan sees a rise in remittances this Ramadan appeared first on Business News Pakistan.


Category: General Business News