Pakistan’s foreign remittances smash $2 billion for 14th month in a row, reach $2.7 billion in July 2021

The remittances in July 2021 were slightly higher than in June 2021.

ImagePakistan’s foreign remittances have exceeded $2 billion for the 14th month in a row, reaching $2.7 billion in July 2021.

The remittances in the first month of the current fiscal year (FY22) were higher than the previous month of June 2021 by 0.7%.

However, the remittances witnessed a decrease of 2.1% in July 2021 compared to July 2020.

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

According to the SBP, the decline of $57 million on a year-on-year (YoY) basis was due to the Eid al-Adha holidays, which resulted in fewer working days in July 2021.

Nevertheless, the SBP stated that the remittances witnessed a stable growth as the inflows of $2.7 billion in July 2021 were the second-highest ever level of remittances reported in July.

Where did the remittances come from in July 2021?

Kingdom of Saudi Arabia (KSA)

Realistic Ultra-hd Flag of Saudi Arkivvideomateriale (100 % royaltyfritt) 9397646 | Shutterstock

Saudi Arabia accounted for almost a quarter of all foreign remittances sent to Pakistan in FY21.

An amount of $640.8 million was remitted to the South Asian state from the kingdom.

United Arab Emirates (UAE)

Flag of the United Arab Emirates image and meaning United Arab Emirates flag - Country flags

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

A total amount of $530.6 million was remitted to the South Asian nation from the Arab Gulf state.

Out of all the emirates, the Emirate of Dubai accounted for more than 77% of the remittances sent from the UAE, remitting $411.4 million to Pakistan.

The Emirate of Dubai was followed by the Emirate of Abu Dhabi ($111.4 million), the Emirate of Sharjah ($6.6 million), and other emirates ($1.2 million).

The U.K. and the U.S.

Mixed Flags of the USA and the UK. Union Jack flag - Global Arbitration News

The United Kingdom (U.K.) accounted for $392.9 million worth of remittances in July 2021.

Similarly, the United States of America (USA) accounted for $311.8 worth of remittances in July 2021.

The European Union (E.U.)

File:Eu-Flag.jpg - Wikipedia

The E.U. accounted for $298.2 million worth of remittances in July 2021.

Out of this, $74.5 million were remitted from Italy, $45.3 million from Spain, $43.3 million from Germany, $42.9 million from France, $31.6 million from Greece, $27.5 million from Belgium, $13.8 million from Ireland, $7.1 million from Denmark, $6.5 million from Sweden, and $5.5 million from the Netherlands.

Other GCC (Gulf Corporation Council) States

Gulf Cooperation Council - Wikipedia

Apart from the KSA and the UAE, the other GCC states became a source of $293.8 million worth of remittances in July 2021.

Out of this, $97.5 million were remitted from Oman, $78.4 million from Qatar, $77.4 million from Kuwait, and $40.6 million from Bahrain.

Other Countries

Around $57.4 million worth of remittances were sent from Canada, $51.9 million from Australia, $11 million from Malaysia, $10.3 million from Norway, $7.2 million from Japan, and $4.3 million from Switzerland.

A further $96.8 million worth of remittances was sent from other countries.

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


Featured Content⭐

>