Pakistan’s Foreign Remittances Smash $2 Billion For 15th Month In A Row, Reach $2.7 Billion In August 2021

Meanwhile, the remittances in August 2021 were the same as in July 2021.

A graph showing foreign remittances in different months
(SBP)

Pakistan’s foreign remittances have smashed the $2 billion mark for the 15th month in a row, reaching $2.7 billion in August 2021.

The remittances in the second month of the current fiscal year (FY22) were valued as the same as the previous month of July 2021.

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

Cumulatively, during July-August 2021, the remittances surged by 10.4% compared to the same period last year.

According to the Head of Research of Pakistan-Kuwait Company, Samiullah Tariq, the remittances in the post-Eid al-Adha period remained strong this year, despite them usually staying at a low level at this time of the year.

Tariq credits this healthy rise to the incentives provided by the SBP and digitization as they “encouraged expatriates to use formal money transfer channels.”

The analyst also predicted the remittances to stay strong in the coming months, adding that the SBP might meet its target set for FY22.

Where did remittances originate from in August 2021?

Saudi Arabia

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

The Kingdom of Saudi Arabia (KSA) accounted for more than a quarter of all foreign remittances sent to Pakistan in August FY22.

An amount of $694.2 million was remitted to the South Asian nation from the kingdom.

UAE (United Arab Emirates)

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

The UAE (United Arab Emirates) was the origin of the second-highest remittances sent to Pakistan in August FY22.

A total amount of $512.3 million was remitted to the South Asian state from the Arab Gulf nation.

Out of all the emirates, Dubai accounted for almost 80% of the remittances sent from the UAE, remitting $405.9 million to Pakistan.

Dubai was followed by Abu Dhabi ($99.9 million), Sharjah ($5.3 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 $352.8 million worth of remittances in August FY22.

Likewise, the United States accounted for $279.2 worth of remittances in August FY22.

The European Union (E.U.)

File:Eu-Flag.jpg - Wikipedia

The E.U. accounted for $291.8 million worth of remittances in August FY22.

Out of this, $76.7 million were remitted from Italy, $44.8 million from Spain, $42.9 million from France, $42.4 million from Germany, $31.4 million from Greece, $25.1 million from Belgium, $12.4 million from Ireland, $6 million from Sweden, $5.4 million from Denmark, and $4.7 million from the Netherlands.

Other GCC (Gulf Corporation Council) States

Gulf Cooperation Council - Wikipedia

Apart from Saudi Arabia and the UAE, the other GCC states became a source of $289.2 million worth of remittances in August FY22.

Out of this, $92.4 million were remitted from Oman, $81.2 million from Qatar, $74.8 million from Kuwait, and $40.8 million from Bahrain.

Other Countries

Around $57.8 million worth of remittances were sent from Australia, $51.4 million from Canada, $10.8 million from Norway, $10.7 million from Malaysia, $5.9 million from Japan, and $3.9 million from Switzerland.

A further $97.6 million worth of remittances was sent from other countries.



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