Overseas Pakistanis send $10.6 billion in four months

KARACHI: The inflow of workers’ remittances has increased 12 per cent to $10.6 billion during the first four months (July–October) of the current fiscal year 2021/22, the State Bank of Pakistan (SBP) said on Sunday.

The inflow of workers’ remittances was $9.42 billion in the first four months of the fiscal year 2020/21.

The central bank said the workers’ remittances continued their strong streak, as inflows recorded $2.5 billion in October 2021, up 10.2 percent (y/y) and only marginally lower compared to last month (5.7 per cent).

This is the eighth consecutive month when remittances have been close to or above $2.5 billion.

Remittance inflows during the first four months of FY22 have mainly been sourced from Saudi Arabia ($2.7 billion), UAE ($2 billion), UK ($1.5 billion) and the US ($1.1 billion).

Proactive policy measures by the government and the SBP to incentivise the use of formal channels and altruistic transfers to Pakistan, amid the pandemic have positively contributed towards the sustained improvement in remittance inflows since last year.