Increase in remittances inflow beneficial for Pakistan’s banking sector: Moody’s

Moody's inflow

KARACHI: The international credit rating agency in its report has termed the increase in remittances inflows positive for Pakistan’s banking sector.

The report is being issued in the backdrop of increase in remittances to $16.5bn in the July-Jan period of FY-21.

 According to the report, the increasing inflows of remittances have shown the trend contrary to the reports of the World Bank amidst the pandemic.

Furthermore, the report has mentioned that increasing remittances will support the small and medium-sized enterprises, and will also ease the lending in the agriculture sector.

CEO said that Pakistan needs $25-30bn for the construction of one million housing units and almost $12bn can be secured from the remittances sent by overseas Pakistanis.

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