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.

Copyright Mettis Link News

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

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