Overseas Pakistanis remit $8.03bn in first quarter State Bank of Pakistan

Overseas Pakistanis remit $8.03bn in first quarter

KARACHI: Overseas Pakistanis have remitted $8.034 billion during first quarter (July – September) of the fiscal year 2021/2022, State Bank of Pakistan (SBP) said on Friday.

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

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

The SBP said that with $2.7 billion of inflows during September 2021, workers’ remittances continued their strong momentum and remaining above $2 billion since June 2020.

This is the 7th consecutive month when inflows recorded around $2.7 billion on average.

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

Proactive policy measures by the Government and SBP to incentivize the use of formal channels, curtailed cross‐border travel in the face of 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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