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Markets

A hand holding a Pakistani 1,000-rupee note.

Remittances rose 14.7% after the subsidy ended. USDT still costs more

When the State Bank ended its remittance subsidy in July, we said we would watch whether money sent home slowed. It didn't: $7.29 billion arrived in July and August, up 14.7%. Yet our daily measure of USDT on peer-to-peer markets has never fallen to the official rate.

A hand holding a Pakistani 100-rupee note.

Markets

USDT touched Rs287 on P2P, the highest in our eight-week series

The price Pakistanis pay for USDT on peer-to-peer markets hit its highest level in our daily series on 28 September, while the official dollar rate barely moved. It has eased since. We don't know what caused it.