Remittances rise to $8.034 billion in first quarter

Shahnawaz Akhter Web Editor

08th Oct, 2021. 06:01 pm

Photo: File

KARACHI: The overseas Pakistanis have sent $8.034 billion during the first quarter (July–September) of the fiscal year 2021/22, the central bank reported on Friday.

The inflows of home remittances during the first quarter registered a growth of 12.5 per cent, compared with $7.143 billion in the corresponding period of the last fiscal year.

The inflows of remittances stood at $2.7 billion in September 2021, compared with $2.28 billion in the same month of the last year, showing an increase of 17.1 per cent.

The State Bank of Pakistan (SBP) said with $2.7 billion of inflows during September 2021, the workers’ remittances continued their strong momentum and is maintaining above $2 billion level since June 2020.

This is the seventh consecutive month when inflows recorded around $2.7 billion, on an average.

The remittance inflows during September 2021 were mainly sourced from Saudi Arabia ($691 million), the United Arab Emirates ($502 million), the United Kingdom ($370 million) and the United States ($245 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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