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Riyal to PKR
Riyal to PKR conversions always remains on the top in Pakistan due to two reasons. The first reason is Hajj and Umrah factor, while other is our overseas Pakistanis living in Saudi Arabia. We are going to elaborate both the points so that you can understand the importance of the conversion of Saudi Riyal to PKR
More than 1.5 Lac pilgrims go to Saudia from Pakistan for Hajj every year. Hajj quota of Pakistan was on lac and eighty-four thousand last year which has been raised to two lac on the request of our Govt.
On the other hand, one million Umrah visas were being issued to Pakistanis in 2018. This figure shows that the Pakistani community is on the top in getting an Umrah visa. It means almost 10 lac Pakistanis go to Saudia for Umrah every year. The point is that they all need to exchange local currency into Saudi Riyal i.e, PKR to Riyal and Saudi riyal to PKR.
(Must read: Umrah visa requirements)
When we talk about expenses, every pilgrim will have to spend Rs 5 lac for Hajj this year. While for Umrah, people stay in Saudia for a minimum period of 15 days. Their total expenses including air ticket, accommodation, dining, and transportation reach to Rs 1.5 lac per head. You can get an idea of the total by multiplying it to 10 lac which our people spend for Umrah every year.
Friends, travel agents pay in USD for air tickets booking and in Saudi riyal for hotel and transport bookings. Banks automatically convert PKR to Riyal and Riyal to PKR, when agents make payments through debit and credit cards.
As you know, pilgrims have to make payments in Riyal in the kingdom of Saudi Arabia. So they exchange their currency, Pkr to Saudi riyal through money changers in Pakistan. While on their return, the exchange process is reversed and they convert Saudi Riyal to PKR. It was the money which they saved from expenses.
Power of Saudi Riyal
By the blessing of Allah, Saudi currency is strong and stable forever. Millions of Muslims visit this holy and oil-rich country by which the Saudi economy gets power. In every country where Muslims live, the local currency is being exchanged with Saudi Riyal. Similarly, in Pakistan, the business of most money changers stands due to exchanges of PKR to SAR and SAR to PKR.
The factor of Pakistani Migrants in Saudia
Now we are going to discuss the importance of conversion from Riyal to PKR due to Pakistani migrants. According to an official report, more than 16 lac Pakistanis migrants are working in the brother Islamic country. These overseas Pakistanis work hard and generate income for their families as well as remittances for their homeland.
They send money to their families on a monthly basis. If they send Saudi Riyals through banking channel, then these remittances reach in our country and reinforce our economy. In this way, the conversion of Saudi riyal to PKR
When oversea adopt the procedure of “Hundi” instead of Banking channel, the remittances do not reach to our country. The “Hundi Mafia” collect riyal in Saudia and their agents make payments in PKR in Pakistan. The point to be noted in this process is that the exchange of Riyal to PKR is not done in actual.
Currency conversion through proper channel
Our every govt. appeals to oversee to send money to Pakistan country through banking channel. This act can strengthen our currency. Please imagine that almost 76 million Pakistanis are living in abroad. If they start sending money through proper channel, what will happen? As our banks will receive USD, AED, SAR, Pond, Euro, and other currencies, our reserves will be increased. Eventually, the economy will get an economic boost.
Effects of PKR to Saudi Riyal conversion
State bank of Pakistan issues foreign currency to banks and financial companies. We have been explained earlier that our millions of pilgrims get riyal by exchanging PKR to Riyal before leaving Pakistan for Saudia. This phenomenon continues throughout the year. As a result, our reserves of Saudi Riyal goes on decreasing. Additionally, when overseas do not send riyal by banking channel, everybody can analyze the result easily. State bank will have to buy riyal from international market continuously and this act will devalue PKR in comparison to SAR.
Money Laundering in Pakistan
When we discuss the issue of currency exchange like Saudi riyal to PKR and vice versa, we can not forget the factor of money laundering in Pakistan. It is a process in which someone sends money to any other country by using illegal sources. Usually, this kind of people sends foreign currency because they want to bury properties and make investments abroad. In this way, they damage our economy not only by tax theft but also by decreasing our reserves. They get foreign currency on high exchange rates from the black market. As a result, our currency value decreases. (Relevant topic”: Convert AED to PKR)
Money launderers make conversions like PKR to USD, PKR to AED and PKR to Riyal. Due to this reason shortage of foreign currencies occurs and the rate goes on increasing. Our Govt. should take strict action against money launderers, Illegal money changers and black market of currency.
Get better Saudi Riyal to PKR exchange rates
Pakistani community living in KSA must send SAR to Pakistan through proper channel. In this way, they also can get better rates on Saudi riyal to PKR conversion. They should check open market exchange rates as well as interbank rates before sending money to their homeland. They can use SAR to PKR money converter install on our website visaguideurdu.com