Pakistan, July 6 -- Foreign currency exchange companies in Pakistan contributed nearly $5 billion in remittances during the fiscal year 2024-25, marking a growing role in stabilizing the currency market. In June alone, they sold around $450 million to banks, according to the Exchange Companies Association of Pakistan (ECAP).

ECAP Secretary General Zafar Paracha praised the State Bank of Pakistan's decision to include exchange companies in the Pakistan Remittance Initiative (PRI). He said this long-awaited inclusion will boost remittance flow through formal channels and encourage more foreign exchange to enter the system.

Paracha expressed optimism that this move could lead to a new record in FY2025-26. He highlighted that the government...