October 8, 2021 (MLN): Remittances by overseas Pakistanis continued to surge, recording $2.7 billion in September 2021, up by 0.5% MoM and 16.9% YoY basis.

Cumulatively, remittances reached $8.0bn in 1QFY22; a significant growth of 12.5% over the same period last year.

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

Country-wise, remittance inflows during September 2021 were mainly sourced from Saudi Arabia ($691 million), United Arab Emirates ($502 million), United Kingdom ($370 million) and the United States ($245 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.

Copyright Mettis Link News

27330