The State Bank of Pakistan (SBP) said that Workers’ remittances maintained their strong momentum for the 15th consecutive month in August as Pakistanis working abroad sent home $2.66 billion last month.
The Central Bank of Pakistan said that “this is the 6th consecutive month when inflows recorded [at] around $2.7 billion on average, and the 15th consecutive month they have been above $2 billion”.
The SBP said that in terms of growth, August witnessed an increase of 26.8% in remittances on a year-on-year basis, a decade high growth rate for the month.
The State Bank of Pakistan however said on a month-on-month basis, inflows were “marginally lower than in July, reflecting the usual post‐Eid slowdown”. Nevertheless, it added this seasonal decline was far less this year compared to historical trends.
It further added that cumulatively, Pakistan received $5.36 billion worth of remittances during the first 2 months of this fiscal year, showing growth of 10.4% over the same period last year.
The data shared by SBP showed the inflow from Saudi Arabia clocked in at $694 million, the United Arab Emirates (UAE) $512 million, the United Kingdom (UK) $353 million and the United States (US) $279 million.
The State Bank of Pakistan said that “Proactive policy measures by the Government and SBP to incentivize the use of formal channels, curtailed cross‐border travel in the face of coronavirus, altruistic transfers to Pakistan amid the pandemic, and orderly foreign exchange market conditions have positively contributed towards the sustained improvement in remittance inflows since last year,”
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