What is The Role of Remittances Industry in Pakistan Economy
December 15, 2020 at 14:31 PM EST
Remittance plays an important role in the economy of Pakistan. This can be predicted from the various money transfer services that are being introduced in Pakistan. These services enable customers to send money to Pakistan and other countries in the world and indirectly contribute to the economic development of Pakistan.ACE And Bank Alfalah- Working For The Betterment Of Remittance Industry in Pakistan
While keeping these limits and long-term prospects of limited remittance services into account, they brought customer’s-oriented services to ensure remittance maintenance to the present level or to increase it. For this purpose, ACE Money Transfer has been trying their best for the past 18 years.
They are providing exceptional money transfer services for the Pakistani community by creating cooperation with Bank Alfalah that operates all over Pakistan. The mutual connection and connective money transfer program can help send money with great trust and reliability from any part of the world.
The mutual connection effort between ACE Money Transfer and Bank Alfalah is just to bring Pakistanis, emigrates, and foreigners the benefit of excellent remittance services at ACE and best receiving end in the form of Alfalah bank in various cities of Pakistan.
These measures ensure that the remittance services keep on contributing to the growing economy of Pakistan in which customers play the most crucial role in the stability of the Pakistani economy.What is the Role Of Remittances In Economy? Why Need?
These remittances services, help in the inflow of foreign currency to boost foreign exchange reserves. Various money transfer service providers like ACE Money Transfer and the linked banks have made Pakistan rank fifth among the countries that receive maximum remittances yearly according to the World Bank report 2015.Paksitani Diaspora Contribution To Remmitances
Despite the recent decline of economic output due to the current pandemic situation, the remittances sent by foreigners and migrants to Pakistani banks are still appropriate to contribute to the financial flow of the country.
The major countries where people use money transfer services to send money to Pakistan include Gulf states, mainly UAE, KSA, and others, because the major task force goes to these middle eastern countries. Thus, various banks that mutually connect these countries with Pakistani banks are of significant importance in terms of remittance services for the Pakistani economy.Alfalah Bank Contribution To Remittances Services In Pakistan
Bank Alfalah is a private bank that is owned by Abu Dhabi, one of the leading cities where migrants work and send money to Pakistan. The bank has developed trust within the Pakistani community. With its 700 branches, it operates all over Pakistan with corporations with various other banks, money transfer service providers, corporations, and economic institutions of Pakistan.Declining Economy And Rising Dependency On Remittances
Although these remittance services hold great importance in the economies of the developing nations of countries like Pakistan. However, these services are coming under significant pressure due to the world economic slowdown, trade liberalization, increasing trends of capitalism, and globalization.
These facilities, on the one hand, have made the process of financial assistance easier across the border. On the other hand, that has also led to tighter budgeting in both developed and developing nations. Due to this, Pakistan should consider some limitations that it might face for the remittance flow in the coming days.