Remittances grow 31.2 percent in September: SBP

KARACHI: The inflow of workers’ remittances has registered sharp increase of 31.2 percent after making fourth consecutive month of over $2 billion received in September 2020.

The State Bank of Pakistan (SBP) on Monday said that the remittances increased to $2.3 billion, 31.2 percent higher than the same month last year and 9 percent higher than in August 2020.

Workers’ remittances remained above $2 billion for the fourth consecutive month in September, the central bank said.

On a cumulative basis, remittances rose to a record $ 7.1 billion in first quarter of current fiscal year, 31.1 higher than the same period last year.

The level of remittances in September was slightly higher than SBP’s projections of $2 billion.

Efforts under the Pakistan Remittances Initiative (PRI) and the gradual re-opening of major host destinations such as Middle East, Europe and United States contributed to the sustained increase in workers’ remittances.

Prime Minister Imran Khan earlier in his tweet said: “Despite COVID more good news for our economy. Alhamdulillah, remittances from our hardworking overseas Pakistanis rose to $2.3 billion in September 2020, 31 percent higher than last September and 9 percent higher than August 2020. This marks the fourth consecutive month that remittances have remained above $2 billion.”

Leave a Reply

You have to agree to the comment policy.