Remittances surge by 24 percent in eight months

Remittances surge by 24 percent in eight months

KARACHI: The inflow of workers’ remittances has increased by 24 percent to $18.74 billion during first eight months (July – February) 2020/2021, according to data released by State Bank of Pakistan (SBP) on Thursday.

The SBP received $15.104 billion as workers’ remittances during the same months of the last fiscal year.

The inflows during the month of February 2021 also posted 24 percent increase to $2.26 billion when compared with $1.82 billion in the same month of the last year.

The inflows recorded robust growth of 46.7 percent, 56.8 percent and 19.5 percent from USA, UK and Saudi Arabia, respectively, during first eight months of the current fiscal year.