The State Bank of Pakistan (SBP) has decided to harmonize exports and imports data in collaboration with the Pakistan Bureau of Statistics (PBS) and the Federal Board of Revenue (FBR).
“Interestingly, the government’s full year target is $21 billion while the central bank expects remittance inflows ranging between $24 billion to $26 billion. The current run rate indicates that inflows may hit $28.4 billion,” said Aslam.
Use of cash promotes informal economy and helps illegal activities, on the other hand by using the Raast one is doing the right thing by transacting using formal digital Financial Service and contributing to Pakistan's economy.
SBP along with Karandaaz Pakistan has developed this new system for processing instant payments.
The Prime Minister in his address said a cash-based economy is the biggest hurdle in tapping the true potential of Pakistan.
“From Monday onwards, the central bank will initiate a new payment system called ‘Rast’, as we believe this a right way forward for the country,” said Kamil.
Kamil informed that the upcoming payment system has been implemented in advanced countries i.e. UK and Australia.
The central bank said that it has also significantly revised its forecast for remittances for CY20, from an initial projection of a 23 percent decline to a growth of 9 percent.
Despite this favorable environment, the declining trend in the private credit, which had started from the third quarter of FY19, continued in Q1-FY21, stated the report.
The total imports from China during July-November (2020-21) were recorded at $4523.671 million against the $4025.183 million during July-November (2019-20).