Pakistan’s Foreign Remittances Smash $2 Billion Mark For 16th Month In A Row

A quarter of the total remittances sent to Pakistan in September 2021 came from the Kingdom of Saudi Arabia.

(SBP)
(SBP)

Once again, Pakistan’s foreign remittances have smashed the $2 billion mark, reaching around $2.7 billion in September 2021.

This is the 16th time in a row where the country’s foreign remittances have smashed the $2 billion mark.

This was revealed by the State Bank of Pakistan (SBP) on Friday.

On a month-on-month (MoM) basis, Pakistan’s foreign remittances have slightly increased by 0.5% in September 2021 as compared to August 2021.

Nevertheless, on a year-on-year (YoY) basis, the remittances have surged by 16.9% in September 2021 compared to September 2020.

According to the SBP, several policies by the central bank and the government have played a key role in maintaining a healthy level of remittances.

These include incentives for the use of formal channels, restricted cross-border travel due to the ongoing COVID-19 pandemic, altruistic transfers to Pakistan, and stable foreign exchange market conditions.

Where did the remittances originate from in September 2021?

Saudi Arabia

The flag of Saudi Arabia.
The flag of Saudi Arabia.

A quarter of the total remittances sent to Pakistan in September 2021 came from the Kingdom of Saudi Arabia.

An amount of $691 million was remitted to the South Asian state from the kingdom.

United Arab Emirates (UAE)

The flag of the United Arab Emirates (UAE).
The flag of the United Arab Emirates (UAE).

The United Arab Emirates (UAE) was the origin of the second-highest remittances sent to Pakistan in September 2021.

A total amount of $502 million was remitted to the South Asian nation from the Gulf Arab state.

Out of all the emirates, the Emirate of Dubai accounted for more than 70% of the remittances sent from the UAE, remitting $360 million to Pakistan.

The Emirate of Dubai was followed by the Emirate of Abu Dhabi ($136 million), the Emirate of Sharjah ($4.5 million), and other emirates ($1.5 million).

The U.K. and the U.S.

The flags of the United States of America and the United Kingdom.
The flags of the United States of America and the United Kingdom.

The United Kingdom (U.K.) accounted for $370.2 million in remittances in September 2021, while the United States (U.S.) accounted for $245 million in remittances in the same period.

The European Union (E.U.)

The flag of the European Union (E.U.).
The flag of the European Union (E.U.).

The European Union accounted for $299.1 million worth of remittances in September 2021.

Out of this, $77.4 million were remitted from Italy, $45.1 million from Germany, $45 million from Spain, $44.5 million from France, $32.1 million from Greece, $24.7 million from Belgium, $13.2 million from Ireland, $6.4 million from Sweden, $6.1 million from Denmark, and $4.5 million from the Netherlands.

Other Gulf Cooperation States (GCC)

The flag of the Gulf Cooperation Council (GCC).
The flag of the Gulf Cooperation Council (GCC).

Apart from Saudi Arabia and the UAE, the other GCC states became a source of $297.7 million worth of remittances in September 2021.

Out of this, $95.2 million were remitted from Oman, $79.8 million from Kuwait, $79.7 million from Qatar, and $42.9 million from Bahrain.

Other countries

Around $71.8 million worth of remittances were sent from Australia, $53.7 million from Canada, $13.2 million from Norway, $11.6 million from Malaysia, $6.6 million from Japan, and $3.3 million from Switzerland.

A further $104.4 million worth of remittances were sent from other countries.


What are your views on this? Share with us in the comments below.

  • Zara yeh COVID-related flight restrictions khatam ho lainay dou, remittances pehlay kay level par wapis aa jaein gi.


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