Remittances grow to $12.9 billion in five months

KARACHI: The State Bank of Pakistan (SBP) has said that the inflows of remittances sent by overseas Pakistanis grew 9.7 per cent to $12.9 billion during the first five months (July-November) 2021/22.

The SBP said that with $2.4 billion of inflows during November 2021, workers’ remittances continued their strong streak of remaining above $2 billion since June 2020.

In terms of growth, on a year-on-year basis, the remittances increased 0.6 per cent in November 2021, while they declined 6.6 per cent on a month-on-month basis.

The remittance inflows during November 2021 were mainly sourced from Saudi Arabia ($590 million), United Arab Emirates ($452.5 million), United Kingdom ($305.8 million) and the United States ($237.8 million).

The central bank said 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 contributed towards the sustained inflows of remittances since last year.

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