Workers’ Remittances jump to USD2.7 billion in March’21

Apil 12, 2021 (MLN): Remittances by overseas Pakistani extended their unprecedented streak of above $2 billion for the 10th consecutive month in March'21 as it rose to $2.7 billion, up by 20% compared to the last month and 43% compared to March 2020.

Cumulatively, during July-Mar FY21, remittances have risen to $21.5 billion, up by 26% over the same period of FY20.

Country-wise, Remittance inflows during July-Mar FY21 were mainly sourced from Saudi Arabia ($5.7 billion), United Arab Emirates ($4.5 billion), United Kingdom ($2.9 billion), and the United States ($1.9 billion).

Proactive policy measures by the Government and SBP to encourage more inflows through formal channels, limited cross border travel in the face of the COVID-19, medical expenses and altruistic transfers to Pakistan amidst the pandemic, and orderly foreign exchange market conditions are continuing to contribute to this sustained rise in workers’ remittances.

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Posted on: 2021-04-12T09:42:00+05:00