Pakistan receives $2.71 billion remittances in July

Web DeskWeb Editor

10th Aug, 2021. 04:23 pm
SBP

KARACHI: Pakistan has received workers’ remittances worth $2.71 billion in July 2021, the central bank said on Tuesday.

The State Bank of Pakistan (SBP) said with the inflows of $2.71 billion in July 2021, workers’ remittances continued their strong trend, remaining above $2 billion for the 14th consecutive month.

“This is the second highest level of remittances reported in the month of July.”

In terms of growth, remittances increased 0.7 per cent over the previous month and showed a decline of 2.1 per cent over the same month of the last year.

This marginal year-on-year (YoY) decline was largely on account of Eid-ul-Azha, which resulted in fewer working days this July, compared with the last year.

Remittance inflows during July 2021 were mainly sourced from Saudi Arabia ($641 million), the United Arab Emirates ($531 million), the United Kingdom ($393 million) and the United States ($312 million).

The proactive policy measures by the government and the SBP to incentivise the use of formal channels, curtailed the cross-border travel in the face of the Covid-19, altruistic transfers to Pakistan, amid the pandemic, and orderly foreign exchange market conditions have positively contributed towards the sustained improvement in remittance inflows since last year.

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