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Remittances to foreign countries fall by 6.6pc in November 2021



The SBP was required to adjust its forecast for the deficit in the current account from 2 to 3 percent to 4 percent GDP.

Islamabad: The Turkish Lira exchange rate against the US dollar has made a dramatic overnight recovery and increased nearly 40 percent. However, this exchange rate saw has a steady decline within Pakistan against the US dollar over the last few months.

Despite claims made by Pakistan’s economic officers that exchange rates will fluctuate in two directions, however, the rupee has been declining relative to dollars. The rupee was depreciated by USD 152 to around Rs180 over the past few months.

There have been worrying developments in remittances that saw an unfavorable growth of $2.35 billion for November 2021 compared to $2.51 billion for October 2021. This was a decrease of 7 percent.

The Turkish Lira has made a significant rebound overnight, just that President Erdogan unveiled a brand new financial system to help strengthen the currency that is slipping. In just a matter of 24 hours, the Lira has increased by over thirty percent over the US dollar, the largest gain since 1983, according to Turkey’s news company TRT World in its tweet.

The following morning the exchange rate between dollars and Lira fell to 11.2248 at 9.30 at local time (0630GMT) after rising by almost 40 percent over the dollar since Monday evening.

On Monday, Turkish President Tayyip Erdogan announced that the new system would permit potential investors in foreign currencies to achieve the same outcomes while staying with the Lira. Erdogan declared that the series of measures would reduce the burden of the currency crisis of the last few weeks and will encourage Turks to keep Lira savings instead of dollars. The new measures come from the inflationary prices and rising exchange rates as the government tries to implement their “new economic model,” which emphasizes the opposition to high-interest rates.

In the instance of Pakistan in the past, the country received remittances of $29.4 billion during the fiscal year 2020-21, compared to $23.3 billion in the previous fiscal year 2019-20. This indicates that the country received additional payments of about $6 billion following the emergence of the Covid-19 pandemic. However, if the remittances fell dramatically, mostly due to the growing gap between the interbank rate and the open market rates, the incentive for Hundi/Hawala may increase dramatically.

The surge in remittances that reached a peak of more than $29 billion over the fiscal year saved Pakistan from a Balance of Payment (BoP) crisis in an enormous way. Remittances saw a huge rise in the wake of the Covid-19, a pandemic that imposed restrictions on travel overseas. Therefore, people living abroad, Pakistanis, especially those in Europe, could return their savings to save Pakistan from any major crises.

The country’s remittances dropped to 6.6 percent in November 2021, but they increased by more than 10 percent during the initial 5 months (July-Nov) duration of FY21’s fiscal year. In July-November in 2021-22, payments increased in value by 9.7pc to $12.9 billion, compared to $11.7 billion during the same time frame of FY21. Remittances from European countries jumped up to 41 percent, or $1.442 billion in the 5 months in FY22 compared to $1.02 billion during the same period in the previous fiscal year.

The next challenge is that lies ahead because there is a challenge ahead as the deficit in current accounts already exceeded $7.1 billion during the five months (July-Nov) timeframe of the fiscal year that is currently in effect, primarily because of the rising cost of imports that are growing at a rapid pace. The current account deficit is increasing; it was $1.7 billion in October 2021, but it grew to $1.9 billion by November 2021. This deficit was $773 million in July, $1.473 billion during August. $1.113 Billion in September, $1.76 billion in October, and $1.908 billion in November 2021.

The SBP was required to adjust its forecast for the deficit in current accounts between 2-3% of GDP and 4 percent.

Mohammad Sohail, Topline Security analyst, upon being contacted when he was contacted, informed The News that volatility and the increasing spread between official and open market could affect the inward transfer of funds. In actuality, the open market is currently offering two rates at present. Rates without documentation are higher, he claimed. When asked about how it would affect remittances in the current fiscal year, He said it is difficult to quantify. However, in the past, when we’ve seen an increased spread between open and official market rates, it led to money being transferred through unofficial channels.

Fahad Rauf, the Head of Research, Ismail Iqbal Securities, said that Bangladesh received more than $29 billion in remittances, mostly due to the Covid-19 pandemic due to travel restrictions. It is hoped that the country would receive remittances in the range of $27-$28 billion in this fiscal year. He stated that Bangladesh had made corrections to its payments, and remittances decreased in November 2021 compared to October 2021. He claimed that SBP received approximately $3 billion from its Roshan Digital Accounts, which means it offered other options for foreign Pakistanis to invest their funds. He also said it was quite surprising that exchanges were changing since, unlike those in the EU, the country was receiving substantial transfer payments.

Tahir Abbas Arif Habib Securities analyst told me that some stifling actions against Hundi/Hawala were in place. He also said that there are many reasons for decreasing remittances for November 20, 2021. Abbas said it was possible that Pakistan may receive money up to $30 billion in the fiscal year currently in session; however, there was a continual need to be vigilant in the prevention of remittances being diverted to unofficial channels.

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Tips for hiring the best painting companies



Preparing to refinish your house is a tough task especially when you are not aware of where to begin, what to do first and how to take formidable steps in the right direction. But all painting companies in Charlotte NC are not eligible for the painting job that you might be looking for. Therefore, making the decision to hire the best kitchen cabinet painters in town could be an interesting choice to make only if you choose the right path.

Here are some of the tips to help you find the best cabinet refinishing near me and that too at an affordable cost.

Take quotes from different painters:

Have you recently visited a friend or family member who has recently gone over the painting job and you have loved the idea? These are considered to be a great resource when you have somebody to take reference from and you could ask them about the best professional kitchen cabinet painters near me. They could guide you about their experience and also highlight about dos and don’ts of the business.

Helping you to choose technically correct and professionally sound people for the kitchen cabinet job.  Ask different kitchen cabinet painters about their availability and the cost of the services this helps you to learn about the average cost of painting cabinets and also make the decision of selection based on the budget that you have.

Moreover, it is also important to note that never ever go for the cheapest possible painters in town because then you will have to compromise on the cost of the services. And that will not be the feasible choice to make for your painting task.

  1. Verify:

Your task becomes a challenging one when you choose to research the painting contractors. You need to make sure that the kitchen cabinet painter or searching for Charlotte refinishing service that you are hiring is a licensed, experienced, and skilled professional. Not all the states around your country require the painting contractor to obtain a license for the painting task and therefore, you need to get them verified.

Not knowing the painting contractors’ background could be dangerous because then they may be hiring people across the road and sending them for your painting job. Risking the security and welfare of your house. Make sure to know them before you choose to hire them and verifying could be difficult initially but then you know who you are choosing to work with and what makes them apart from the usual painting contractors in town.

  1. Checking the reviews of the customers:

When you are choosing kitchen cabinet painters online it is essential to read up on the reviews of the customers. This allows you to learn about the right person for the right job because customer reviews guide you about who to choose and whom to refrain from.

Helping you to establish a deed of trust in the kitchen cabinet painter before you choose to hire them for the painting assignment. Make sure to know about any hidden charges or additional fees if you have any specific tasks stored for them. It helps you to learn about how much you have to pay and what is your border line when you think about investing in the cabinet painting task.

  1. Asking the right questions:

For anybody who is looking forward to hiring a painting contractor, they should learn about the right questions to ask the painting contractor. If you think that you might miss out on some of the most important information that you are looking to gather from them. Then taking notes and writing them down on a piece of paper might also help.

Thus, helping you to find the right communication as to what you are expecting them to do and what the painting contractor has in mind when you are willing to hire them.

Things like what kind of paint are you going to use, will you be able to complete the task at the right time. Who will be the person in charge of the painting job once your team begin with the job and most importantly are you going to clean up after you have finished the painting job?

  1. Have a written contract:

Whenever you are willing to hire someone for the job whether it is a trivial task of painting your kitchen cabinets make sure to hire them through a carefully drafted contract. Where all the terms and conditions are mentioned accordingly. You know what to expect from the painting contractor once they finish their job and how much time it will take to completion of the task.

Thus, enabling you to go for the best painting contractor in the business within the set limited budget that you have in mind.

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Why hardwood flooring is a good choice



When it comes to refinishing your homes with the right wood flooring there is a number of options that are available in the market. From hardwood flooring to the engineered floor everything has pros and cons, and therefore, when you begin to opt for the ones that are the best in the business make sure to know why go for the hardwood and why not otherwise.

Wood floors in Rio Vista are becoming popular day by day and because of their aesthetic and durability, there are other reasons as well which make them the popular choice. If you are among those people who are willing to add wood flooring to their homes make sure to do it for the right reasons. Here are some of the reasons why should pick hardwood flooring for your homes and what makes them distinct from the other.

  1. It is suited for almost all kinds of areas:

Whether you are picking up the hardwood floor for your kitchen area or the lounge it goes along well with every kind of setup and gels along well with the rest of the interiors of the house. It helps you to make your living room more and more spacious and could be installed in places where you require a more durable floor than the engineered ones. Moreover, when it comes to areas like bathrooms and other vulnerable spaces where you need water-resistant floors you need to go for the engineered floors. Therefore, if you are picking a single kind of floor for your home then the recommendations from the experts go for the hardwood floor.

  1. They are durable and easy to install:

When we told you that hardwood floors are a popular choice in Rio vista nobody thought that it is due to their easy installation and long-lasting nature. People are eagerly looking for floors that are easier to install and easier on their pocket as well. But it is important to note that when you are looking to get a hardwood floor make sure to get the help of an expert. Because you want to increase the beauty of the floor down there and that could only be achieved with the help of the professionals.

Moreover, with the help of the experts, there aren’t any chances of the loopholes in the installation of hardwood therefore you need to make sure that you are getting it done with the help of experts to be able to enjoy the benefits of hardwood flooring.

  1. Easy to maintain:

Unlike any other options of flooring that we have in the market, the hardwood floors are the best in the business and there are multiple reasons for that. Because they are less susceptible to damage and in areas that experience heavy foot traffic the hardwood is resistant to any damage. Therefore, when you are trying to make sure that you get your hands on the right flooring try not to forget about the hardwood flooring.

Moreover, when it comes to cleaning and mopping the hardwood flooring they are easier to clean. You are advised to clean the flooring with gentle cleaners that don’t contain too many harmful chemicals. Applying a damp soft cloth to the wood flooring also enhances the shine of the wooden floor.

To conclude, as compared to the other engineered floors that are available in the market wood flooring is more suited than the others. They are easier to install, durable, and shine like new for a long when they are maintained in the right manner.

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Door Screen Repair: How To Repair Torn Screen



Door screens have become an essential element in homes, especially during summer. The screens are ideal because they prevent the entry of insects and guarantee your comfort unless they break. For this reason, we will share about door screen repair to continue enjoying all its advantages throughout the year.

How to start with door screen repair: step by step

Fixing the door screen is very simple, although you must consider the size of the hole and, if it is too large, it is best to get new netting.

Fixing a door screen

Inclement weather, the passage of time, or tears, such as if you have animals at home, cause these door screens to break and lose their effectiveness. Currently, there are more durable cat nets, although they can also be damaged. That’s why here’s how to fix them quickly.


Here we show you what materials you need to repair the door screen:

It should be a little bigger than the hole you want to cover.

One or more threads of the same fabric: you can use a fishing line if you don’t have any.

Pair of scissors

Steps to follow:

Do you already have all the materials? Here we show you how to repair a door screen step by step:

  • Disassemble: the first thing you have to do is remove it from the place where it is and place it in a space that allows you to work with it.
  • Cut a piece of fabric:it must be a little bigger than the space you want to fix. When you have it, you have to fold the edges slightly.
  • Put the piece of screen over the hole: adjust it and use the thread to join it, as if you were sewing a patch on a pair of pants; if you use a fishing line, you should choose a thick one so that you can do this job with your fingers. In any case, the hole must be well covered.
  • Fix the thread: tie a tight knot at one end and pass it through both sides to ensure that it is well secured.
  • Use adhesives for small holes

Is the hole in your broken door screen too small? Here we leave you how you can continue enjoying all its advantages, avoiding the entry of insects, using adhesives.

  • Use clear nail polish:when dry, this product acts as a strong adhesive and is highly recommended for tears that are not very open; If the fabric is a dark color, such as black or gray, it is ideal that you use an enamel of that hue.
  • Apply the polish: cover the opening at both ends with the polish without dripping; If you think that drops may fall, it is best to place a piece of paper or cloth underneath.
  • Wait:even if you think it will be dry in a few minutes, it is most likely not completely dry until a day has passed. If you don’t have time, it is best to use a hairdryer, on cold, for a minute, about 15 cm.
  • Cut out the damaged area in the shape of a square or rectangle:use a ruler or a sharp knife; make a small hole so that you can handle it easily. Leave 1-3 cm of the surface between the hole and the door frame.
  • Cut a piece of screen to cover the damaged area: it has to be a little bigger, at least 3 cm more. Hold the screen at a 90-degree angle. Insert the ends and flatten the patch wires.
  • Perfect finish: To ensure a flawless finish, it is best to use a microfiber cloth to wipe off any remaining glue drops.

This is the fastest and easiest way to door screen repair to fix your door screen.

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