March 11, 2021 (MLN): Remittances continued exceptional performance in the month of February 2021, reaching $2.26 billion, up by 24.2% YoY compared to Feb'20.
However, on a monthly basis, it remained flat.
According to the latest figures released by the State Bank of Pakistan (SBP), Remittances rose to an unprecedented level of $18.7 billion during July-Feb FY21, depicting a growth of 24.1% YoY compared to the same period last year. Moreover, for the 9th consecutive month, workers’ remittances remained above $2 billion in February 2021
A large part of workers’ remittances during July-Feb FY21 was sourced from Saudi Arabia ($5.04 billion), United Arab Emirates ($3.93 billion), United Kingdom ($2.53 billion), European Countries ($1.7 billion), and United States ($1.6 billion).
Policy measures undertaken by the Government and SBP to encourage inflows through formal channels limited cross-border travel due to COVID-19, medical expenses, and altruistic transfers to Pakistan amidst the pandemic, and orderly exchange market conditions contributed to this sustained rise in workers’ remittances.
