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WHY REMITTANCES ARE IMPORTANT FOR PAKISTAN?

May 3, 2019 0 COMMENTS
pakistan remittances

No doubt, today Pakistan’s economy is facing many problems regarding its economy. Poverty and inflation rates are showing a dark future for Pakistan. But hope is still there because of a resource like remittances. Pakistan is receiving about $2 billion remittance funds every month and reports are showing further improvements in the future. Pakistan is one of the developing countries of the world and it shows the importance of remittances for Pakistan.

WHY REMITTANCES ARE IMPORTANT FOR PAKISTAN?

Pakistan is facing a giant problem of foreign debts taken by various governments so far. The debt is increasing day by day. The primary role of remittances for Pakistan can be seen in servicing foreign payments. The flow of foreign currency in the economy shows the improving number of foreign reserves of the country. These foreign reserves help the state to service foreign payments and lighten the burden of foreign debt in future generations.

Additionally, remittances have a huge contribution to reducing poverty and unemployment in Pakistan. Foreign countries providing job opportunities to the unemployed Pakistanis reduce the unemployment rates in the country. By working in foreign countries, Pakistanis can bring a new skill set back to their home country. This can work as a fuel to the growth of economic development.

 

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Standard Chartered: Massive Profit Rise in 3rd Quarter
November 1, 2019
As being the largest and most renowned bank of the United Kingdome, Standard Chartered has attained a higher growth in the 3rd quarter of this year. At the time when there are many shattering events are happening in the united kingdom so the Bank is still working well. It is the time when the Europeans’ largest bank HSBC is facing so many problems and has suffered from an 18% loss with these operational activities. But standard chartered has found a rise of 16% profit in the same era.Looking at all the factors which played a role for the development of the bank we can take into the discussion as follows: in term of the institutional banking, the growth is about 13% which is $1.87 billion almost. Other factors include that the retails banking in which the bank actually achieved a profit of 4%. It is really great progress which made the bank grow well. Unlike HSBC which has a strong influence in Asian countries too, Standard Chartered has made remarkable progress. Therefore, this is really a sparkling event that got the attention of the whole nation that standard chartered is working well and they have made the history changed.

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ACE Money Transfer is a UK based Company and has been operating in the North West of England since 2002. Our head office was the starting point of the UK success story when we commenced business with retail clients and two business associates but after obtaining our Authorized Payment Institution (API) from Financial Services Authority (FSA) our company is now set to become a global name specializing payment services

Over the past 10 years, by keeping in mind basic necessities of people, understanding that they belong to different cultures and respect their values & norms, finally ACE decided to channelize our network into new dimension by giving opportunities to all communities to send their hard earn money back to their home. We have made this possible through our expanded network of agents, correspondents, partner banks, established branches in Europe, and MTOs (Money Transfer Operators) across the UK, Europe, Africa and Asia in more than 70 countries worldwide to entertain our 2 Million Customers around the globe to send & receive their payments through 200,000 locations that help us to build our credibility and retain customers trust on ACE Money Transfer.

The company success stems from the expertise and market knowledge of its senior management and this will ensure that the company is well positioned to make a positive impact to the market and will be able to sets itself apart from other remittance providers.

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