Remittance surge in Feb

Inflow of remittances witnessed a surge in February 2024 by 13 percent year-on-year – shows the latest data released by the central bank. The rise in remittances is much needed but was not unanticipated as these foreign inflows depict a growth near Ramzan and religious festivities like Eid – ul – Fitr and Eid – ul – Azha. The same phenomenon is likely to have caused a jump in remittances during Feb-24. What also jacked up remittances during the month could be the stability in the domestic currency and the ongoing crackdown against illegal channels – encouraging expatriates to send money via formal channels. However, due to the lesser number of days during the month, February witnessed a decline of 6 percent in remittances when compared to January 2024.

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