Exports of Pakistan are considerably low as compared to its imports due to several reasons. Due to this reason, the country is heavily dependent upon its expatriates who send money back home. The money usually accounted in dollars, serves practically as a backbone for its economy.
Over the years, several efficient ways have made their way for the convenience of non-resident Pakistanis for transferring money to their relatives back home. Moneygram, Western Union, and Xoom are few from the large inventory of option present at the disposal of Pakistanis living abroad.
Statistically, the remittance, money sent from abroad to Pakistan, has been increasing gradually. For instance, back in January 2017, the country received a remittance of more than $1.2 billion dollars which was a whopping 10% increase compared to the same month of the year 2016. Similarly, in the last quarter of the year 2018, or the between Sep-Dec 2018 in layman terms, the country received $5.557 billion from abroad which is so far the highest ever recorded quarter in the entire history of Pakistan. These remittances play a crucial role in financing imports and stabilizing the economy of the country.
Other than the foreign money transfer statistics, Pakistan has now more versatile channels for money transfer within the country. Apart from conventional banking channels, cellular networks which has an extensive network across Pakistan have come up with an innovative solution in the form of Easypaisa, Jazzcash etc.
These mechanisms allow people to send and receive money using their phones from any local shop. It is becoming an easier, swift and reliable source for the purpose of money transfer within the country.