November 12 2020 (MLN): Workers’ remittances remained above $ 2.0 billion for the fifth consecutive month in October 2020.
According to a statement released by the State Bank of Pakistan (SBP) workers’ remittances amounted to $ 2.3 billion during October 2020, increasing by 14.1 percent compared to October 2019.
During Jul-Oct FY21, workers’ remittances increased to $9.4 billion, recording a growth of 26.5 percent over the same period last year.
A large part of y/y increase in October 2020 was sourced from Saudi Arabia (30 percent), United States (16 percent) and United Kingdom (14.6 percent).
Improvements in Pakistan’s FX market structure and its dynamics, efforts under the Pakistan Remittances Initiative (PRI) to formalize the flows and limited cross-border travelling contributed to the growth in remittances.