Pakistan’s remittances fall by 6.6% in November 2021 State Bank of Pakistan

Pakistan’s remittances fall by 6.6% in November 2021

KARACHI: The inflows of foreign remittances sent Pakistan’s workers have registered a decline of 6.6 per cent Month on Month (MOM) to $2.352 billion in November 2021 when compared with $2.518 billion in October 2021.

According to statistics released by the State Bank of Pakistan (SBP), the remittances, however, grow 0.6 per cent in November 2021 when compared with $2.339 billion in November 2020.

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

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Remittances 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 of America ($237.8 million).

Cumulatively, the remittances grew by 9.7 per cent to $12.9 billion during first five months (July – November) 2021/2022 of the current fiscal year as compared with $11.77 billion in the corresponding period of the last fiscal year.

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The SBP said that the proactive policy measures by the government and SBP to incentivize 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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