Foreign Exchange remittance is also termed as forex or FX. It generally constitutes trading one set of currency for another set of currency.
For instance, an individual can go forth and exchange U.S dollars for another currency, like euros, British pounds etc. Forex market or foreign exchange market is the main CenterPoint of such foreign exchange transactions.
On regular basis, millions and trillions of dollars change hands in the forex market as it is a massive and undoubtedly the most liquid market in the world.
Foreign Exchange Rates:
The foreign exchange rates is set up against major world currency, which includes U.S dollars, euros or yen). The foreign exchange rate is kept maintained by the purchasing and selling of the currency pitted against the currency for which it is pegged.
Various different currencies are traded all day, every day and every time, the trading of the currencies is done around the clock. The time difference causes trading to happen 24 four hours per day, the morning time in the USA occurs during the nighttime of Tokyo, hence the banking and trade is working all the time.
Hence, as the currency is bought and sold constantly, fluctuation keeps occurring
Currencies are traded around the clock – 24 hours per day. Even though trading hours vary – the morning in Tokyo occurs during U.S. nighttime – trade and banking continue around the world. Therefore, as banks around the world buy and sell currencies, the value of currencies remain in fluctuation.
Foreign Exchange News
In general, monitoring foreign exchange news vividly and keeping tabs on the impacts of the rates, inflations and currency values aggressively.
Foreign Exchange Remittance
Overview of Remittances:
2015-2016: According to statistics of the State Bank of Pakistan (SBP), expatriate Pakistanis remitted $19.9 billion in 2015-16, showing a growth of 6.38% ($1.2 billion) compared with $18.7 billion received during 2014-15. It included Pakistan’s name in seventh place for the year 2015.
2017-2018: The support by overseas Pakistan has been traditionally vital for the economy and it continued with a growth of 1.4 percent in the financial year 2017-18 compared with the last financial year. Pakistan’s inward remittances were projected at $19.665 million in 2017.
2019 – 2020: Pakistan received a record $23 billion in foreign exchange remittance in 2019-20 while the inflows jumped by 51 per cent year-on-year to $2.466bn in June, data released by the State Bank of Pakistan (SBP) showed on Monday
2020-2021: The amount sent home by overseas Pakistanis in the fiscal year 2020-21 registered the fastest growth in the past 18 years and rose to an all-time high of $29.4 billion while playing a leading role in boosting the country’s foreign currency reserves and improving its capacity to make international payments for imports and foreign debt repayments.
Transferring money electronically is one of the most convenient and credible sources that are used to transfer funds.
The process involves moving the funds between the sending party’s and receiving party’s bank accounts. Hence you can send receive remittances from anywhere across the globe easily with Muhammadi Exchange.