Workers’ remittances surge by 17% YoY in Sept’21

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.

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