December 11, 2020 (MLN): Workers’ remittances maintained their strong momentum in November, remaining above US$2 billion for a record 6th consecutive month. They rose to US$2.34 billion, up 2.4% over the previous month and 28.4% over November 2019.
In aggregate, remittances rose to an unprecedented $11.8 billion during Jul-Nov FY21, 26.9% higher than the same period last year, the SBP revealed on Twitter.
According to the Central Bank, this significant growth reflects continued government and SBP efforts to formalize remittances under Pakistan Remittances Initiative (PRI), growing use of digital channels amid limited international travel, orderly exchange market conditions and improved global economic activity.
In a press release the SBP added “On average, workers’ remittances have been about half a billion (US$ 499 million) higher in each month of FY21 as compared to the same period last year.”
Remittance inflows during the first five months of FY21 have mainly been sourced from Saudi Arabia ($ 3.3 billion), United Arab Emirates ($ 2.4 billion), United Kingdom ($ 1.6 billion) and United States ($ 1.0 billion).
