Pakistan, with a GDP of US$ 374.6 billion in 2024, is the 42nd largest economy in the world. However, this economy has been in turmoil for the last few years. It has experienced rapid depreciation in the value of Pak Rupees, high inflation, and a decline in GDP & per capita income. There are several reasons for these major challenges faced by the Pakistani economy. However, the prime reason is the scarcity of foreign exchange. This scarcity of foreign exchange has been caused by a low level of exports, heavy dependence on imports, an increase in fuel and energy costs (due to Ukrain conflict), a widening trade deficit, and excessive external borrowing.
Exchange companies play a vital role in improving the imbalance of foreign exchange in Pakistan. These companies are making a major contribution to improving economic conditions and restoring the national economy.
More than 9 million Pakistanis are living abroad. Exchange companies are a major support to these overseas Pakistanis as they help them to send money to their loved ones in Pakistan in a timely, convenient, and secure manner. These home remittances bring happiness and prosperity to millions of families in Pakistan. When these families receive the money in Pakistan, they create demand for various products and services, leading to growth and expansion in the national economy.
Home remittances also generate much-needed foreign exchange for Pakistan. Exchange companies surrender billions of dollars in the interbank market every year which helps increase the foreign exchange reserves of Pakistan. These reserves are then used for importing essential goods and services like petroleum products, food, and raw materials for the industry.
Dollar East is one of the leading exchange companies. It has made arrangements with the world’s famous money transfer companies i.e., Western Union, MoneyGram, and Ria for rapid transfer of funds to Pakistan. Beneficiaries receive payments from Dollar East branches which are conveniently located in the major cities across Pakistan. Dollar East helps hundreds of thousands of families every year to quickly and easily receive their payments coming from abroad.
In an economy that badly needs exports, exchange companies emerge as the leading winners. These companies regularly export large amounts of non-dollar currencies which generate a huge amount of export proceeds every year. A major part of these export proceeds is surrendered in the inter-bank market which helps increase the foreign exchange reserves. The remaining funds are utilized to facilitate the Pakistanis to perform many international transactions such as paying student fees, living expenses for study in international Universities, hospital expenses for medical treatment abroad, transfer of money to loved ones, and other personal remittances.
In the year 2024, exchange companies brought in foreign exchange of US$ 6.50 billion into Pakistan, out of which US$ 4.15 billion was surrendered into the foreign exchange reserves.
As the pioneer of exchange business in Pakistan, Dollar East is a major exporter of non-dollar currencies. It also facilitates thousands of individual customers in sending money abroad for educational fees, living expenses for students, medical expenses, and other personal purposes.
Exchange companies also help promote tourism in Pakistan by providing a convenient means of currency exchange to international tourists. They are an obvious choice of foreign exchange for around 10 million international passengers who travel to and from Pakistan every year. Dollar East Exchange with a network of branches in all the major cities in Pakistan provides a fast, convenient, and reliable currency exchange service. The educated, trained, and experienced Dollar East staff offer high-quality service to the customers. Dollar East considers its happy and loyal customers as its most valuable asset.
Exchange companies are an essential component of Pakistan’s financial ecosystem. By facilitating remittances, stabilizing currency exchange, and contributing to economic stability, they play a significant role in national development. Driven by a sense of patriotism and dedication, these companies are committed to continue serving their nation with enthusiasm and perseverance.
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