Overseas Pakistanis send $10.6B remittances in 4 months

Business

ISLAMABAD (our reporter): Overseas Workers’ remittances were witnessed a strong growth in Pakistan mainly due to proactive policy measures of the Government, according to the State Bank of Pakistan.

The SBP issued a monthly report of worker’s remittances, remitted from July to Oct 2021. The Pakistanis overseas workers has remitted continued their strong streak as inflows recorded $2.5 billion in October 2021, up 10.2 percent (y/y) and only marginally lower compared to last month (5.7 percent).

 In addition to remaining above $2 billion since June 2020, this is the eighth consecutive month when remittances have been close to or above $2.5 billion.

On a cumulative basis, remittances have risen to $10.6 billion during the first four months of FY22 (July-October 2021), which is 11.9% higher than the same period last year.

Remittance inflows during the first four months of FY22 have mainly been sourced from Saudi Arabia ($ 2.7 billion), UAE ($ 2.0 billion), UK ($ 1.5 billion) and USA ($ 1.1 billion).

Worker’s remittances is a main contributre to tackle the current account deficit after exports.

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