Remittance is a significant source of foreign reserves for Pakistan, and any decline in its volume can severely impact the country’s economic stability. To sustain the declining remittance inflows to Pakistan that have become a major cause of concern for the country’s economy, ACE Money Transfer, a UK-based growing remittance provider, and Bank Al Habib, one of the leading commercial banks in Pakistan, have announced another joint campaign.
Pakistan is heavily reliant on remittances, with over 9 million Pakistanis living and working abroad, contributing to the country’s economy through remittances. Pakistan received around $31.9 billion in 2021 and $31.2 billion in 2022 in remittances, accounting for almost 9% of the country’s GDP. In January 2023, remittances experienced a month-on-month decline of 9.9%, with a reported $1.9 billion in contrast to $2.1 billion in December 2022. Despite a notable increase in inflows reaching $2.5 billion by March 2023, the overall downward trajectory has sparked considerable apprehension regarding Pakistan’s economy.
The YoY decline in remittance inflows is likely to have a significant impact on Pakistan’s balance of payments, as well as its foreign exchange reserves. This, in turn, can lead to a depreciation of the Pakistani rupee and higher inflation, which will negatively affect the country’s economic growth and development. To address this issue, in line with the PRI’s vision, ACE Money Transfer and Bank Al Habib have stepped forward to help stabilise the declining remittance inflows by simplifying the process of sending money to Pakistan, with no transaction fees, and offering attractive exchange rates, followed by exceptional rewards. The two partners offer colossal cash rewards combining two bumper prizes of PKR 1 Crore and 91 prizes of PKR 100,000 each. Overseas Pakistanis residing across the UK, Europe, Canada, Australia, and Switzerland can win these rewards simply when they send money to Pakistan via ACE Money Transfer’s mobile app or website to any Bank Al Habib account or receive as cash from any of the 1080+ Bank Al Habib branches across Pakistan, until June 30, 2023.
Mr Rashid Ashraf, CEO of ACE Money Transfer, said, “We heartily appreciate the overseas Pakistani community that always extends its best efforts and plays a vital role in the country’s economic growth. Our collaboration with Bank Al Habib, offering the most sought-after services and excellent cash prizes, aims to encourage overseas Pakistanis to transfer more remittances through regulated channels”.
Mr Aun Ali, Group Head of Business Bank AL Habib, said, “As one of the leading banks in Pakistan, Bank AL Habib is cognizant of its responsibility and is playing its part in boosting the inflow of worker remittances into Pakistan through regulated channels. Our collaboration with ACE Money transfer is another step towards achieving this goal. Bank AL Habib initiates home remittance campaigns regularly to increase awareness about the ease through which these remittances can be sent and received by the customers”.