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Workers’ Remittances rise above $2bn in July’21

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August 10, 2021 (MLN): Workers' remittances continued their strong trend, remaining above $2.0 billion for the 14th consecutive month. At $2.71bn, remittances increased by 0.7 percent over the previous month and showed a decline by 2.1 percent over the same month last year. This marginal YoY decline was largely on account of Eid-ul-Adha, which resulted in fewer working days this July compared to last year.

This is the second-highest ever level of remittances reported in the month of July.

The aforesaid announcement was made by the State Bank of Pakistan on its Twitter handle.

The inflows during July'21 were mainly sourced from Saudi Arabia ($641 million), United Arab Emirates ($531 million), United Kingdom ($393 million) and the United States ($312 million).

Proactive policy measures by the Government and SBP to incentivize the use of formal channels, curtailed cross-border travel in the face of COVID-19, altruistic transfers to Pakistan amid the pandemic, and orderly foreign exchange market conditions have positively contributed towards the sustained improvement in remittance inflows since last year, the press release said.

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Posted on: 2021-08-10T15:05:00+05:00

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