Remittances maintain strong momentum for a record 6th consecutive month

The State Bank of Pakistan on Friday said that Workers’ remittances maintained their strong momentum in the month of November.

According to the details, the Central Bank tweeted that:

“Workers’ remittances maintained their strong momentum in November, remaining above US$2 billion for a record 6th consecutive month. They rose to US$2.34 billion, up 2.4% over the previous month and 28.4% over November 2019.”

1/2 Workers’ remittances maintained their strong momentum in November, remaining above US$2 billion for a record 6th consecutive month. They rose to US$2.34 billion, up 2.4% over the previous month and 28.4% over November 2019. pic.twitter.com/BlTqCyOG4y

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— SBP (@StateBank_Pak) December 11, 2020

The Bank added that:

“In aggregate, remittances rose to an unprecedented $11.8 billion during Jul-Nov FY21, 26.9% higher than the same period last year.”

2/2 In aggregate, remittances rose to an unprecedented $11.8 billion during Jul-Nov FY21, 26.9% higher than the same period last year. For details see: https://t.co/7XBd4uNES4

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— SBP (@StateBank_Pak) December 11, 2020

In addition to this, the Bank added that:

This significant growth reflects continued government and SBP efforts to formalize remittances under Pakistan Remittances Initiative (PRI), growing use of digital channels amid limited international travel, orderly exchange market conditions and improved global economic activity.

This significant growth reflects continued government and SBP efforts to formalize remittances under Pakistan Remittances Initiative (PRI), growing use of digital channels amid limited international travel, orderly exchange market conditions and improved global economic activity.

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— SBP (@StateBank_Pak) December 11, 2020

It may be recalled that in July this year, the State Bank of Pakistan (SBP) increased Workers’ remittances by a significant 50.7% during June 2020 to reach record high USD 2,466.2 million compared with USD 1,636.4 million in June 2019.

Similarly, on a cumulative basis, workers’ remittances increased to a historic high level of USD 23,120.7 million during FY20, witnessing a growth of 6.4% over USD 21,739.4 million during FY19.

It would also be pertinent to mention here that the inflow of workers’ remittances registered an increase of 7.8% during the March-June 2020 pandemic period compared with the corresponding period of 2019.