Remittances jump 10% to $2.5bn

November 15, 2021 (MLN): Inward workers’ remittances continued their strong streak during October as inflows jumped by 10% year-on-year to $2.5 billion, latest data released by the State Bank of Pakistan (SBP) showed.

“At $2.5bn in October 2021, remittances continue their strong streak, rising by 10% from October 2020 and only moderating marginally compared to September 21. Cumulatively, they have risen to $10.6bn so far in FY22, up 12% over the same period last year,” the central bank said in a tweet.

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.

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

Proactive policy measures by the Government and SBP to incentivize the use of formal channels and altruistic transfers to Pakistan amid the pandemic have positively contributed towards the sustained improvement in remittance inflows since last year.

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