WNAM MONITORING: Pakistan’s ambassador to the UAE has asked his countrymen to use official channels for remittances and other financial transactions in order to support their economy.
During the launch of the online payments services platform KuickPay, Ambassador Faisal Niaz Tirmizi strongly urged community members to use formal banking channels as this will also ensure transparency in the economic system.
Official figures showed that workers’ remittances posted a positive growth of 3.5 per cent from July to April this year on the back of the recovery in the global economy and better economic performance in the main remit corridors such as the US, UK, and European Union.
The share of remittances from Saudi Arabia remained 24.2 per cent ($5.1 billion), UAE 17.4 per cent ($3.7 billion), UK 15 per cent ($ 3.2 billion), US 12 per cent ($2.5 billion), other GCC countries 10.8 per cent ($2.3 billion), European Union 12.2 per cent ($ 2.6 billion) and others 8.4 per cent ($1.8 billion).
The Emirates was the second top migration destination for the South Asian community last year, according to the Bureau of Emigration and Overseas Employment (BE&OE) and Overseas Employment Corporation (OEC).
