Pakistan’s Foreign Remittances Top $2bn For Fourth Month In A Row

“The level of remittances in September was slightly higher than the SBP’s projection of $2 billion,” the central bank said in a statement.

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Pakistan received inflows of over $2 billion due to workers’ remittances for the fourth consecutive month in September 2020.

This was contrary to a drop of 12-20% feared by international financial institutions for the July-December period due to the Covid-19 pandemic.

“Despite the coronavirus, more good news for our economy. Praise God, remittances from our hardworking overseas Pakistanis rose to $2.3 billion in September 2020, 31% higher than last September, and 9% higher than August 2020. This marks the 4th consecutive month in which remittances have remained above $2 billion,” Prime Minister Imran Khan wrote on his Twitter handle.

The State Bank of Pakistan (SBP) reported on Monday that workers’ remittances grew 31% to $7.15 billion in the first quarter (July-September) of the FY21 compared to $5.45 billion in the same quarter of the FY20.

“The level of remittances in September was slightly higher than the SBP’s projection of $2 billion,” the central bank said in a statement.

“Efforts under the Pakistan Remittance Initiative (including financial incentives for global and local money transfer firms and banks) and gradual reopening of major host destinations such as the Middle East, Europe, and the US contributed to the sustained increase in workers’ remittances.”

Overseas Pakistanis sent remittances worth $666 million in September 2020 from Saudi Arabia compared to $516 million in the same month of last year, a growth of 29%.

Likewise, remittances grew 12% to $473 million from the United Arab Emirates (UAE) compared to $422 million in the same month of last year.

Similarly, remittances worth $180 million were sent from the US, up 54% than $117 million in the same month of last year.

Moreover, non-resident Pakistanis sent $289 million from the UK, up 63% than $177 million in the same month of last year.

Furthermore, people from the Gulf Cooperation Council (GCC) states (other than Saudi Arabia and the UAE) sent $261 million compared to $229 million last year.

(DAWN)

Likewise, Pakistanis sent $207 million from the European Union (EU) countries compared to $144 million in the same month of last year.

Lastly, Pakistanis from other countries sent remittances worth $207 million in September.

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

  • control inflation…and give maximum jobs
    infact release another cash to poor under ehsaas and for God sake get some decent spokesperson to promote good news

  • I am UAE ,we are more money because expenses in Pakistan are increasing,Government should do some solid effort to increase domestic economy.

  • Good times ahead Inshallah. The only thing which is haunting the govt is inflation which is a local issue and should be resolved with better management.

  • Is ki wajah ye hy k unho ne apni savings km krdi hn.aur mulk k ander mehnagai k salab ki wajah se ghr walo ko zyada raqam bhajty hn.yaha Jo bhajty hn wo khrcha hy.saving km krdi hy unho ne


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