SBP receives record $18 billion remittances in seven months

KARACHI: The State Bank of Pakistan (SBP) has received $18 billion as workers’ remittances during the first seven months (July-January) 2021/22, a statement said on Friday.

The central bank said that during the first seven months of 2021/22, the remittances have risen to a record $18 billion, 9.1 per cent higher than the same period last year.

At $2.14 billion in January 2022, the workers’ remittances remained above $2 billion for the 20th consecutive month.

The remittances declined 5 per cent, compared with January 2021, partly reflecting an easing of travel restrictions. Compared to the previous month, they fell 14.9 per cent due to seasonality.

The remittance inflows during January 2022 were mainly sourced from Saudi Arabia ($540 million), the UAE ($374 million), UK ($320 million) and the US ($208 million).