Workers' remittances stay above $2 billion for 'record' fifth month
- By Web Desk -
- Nov 12, 2020
KARACHI: Workers’ remittances remained above $2 billion for a record fifth consecutive month in October 2020, the State Bank of Pakistan (SBP) said on Thursday.
According to figures released by the central bank, Pakistan received $2.3 billion on account of workers’ remittances during October 2020, about the same as last month but 14 per cent higher than last year’s corresponding period.
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During July-October period of the current fiscal year, remittances increased to $9.4 billion, recording a growth of 26.5 per cent as compared to the same period last year.
Remittances from Pakistanis working in Saudi Arabia made up 30 per cent of the year-on-year basis increase recorded in October, while remittances from expatriates in the United States (US) grew by 16 per cent, and the United Kingdom by 14.6 per cent.
Also Read: Overseas Pakistanis’ remittances exceed $2bn for third month in row
The SBP said: “This sustained strength has been supported by continued efforts under the Pakistan Remittances Initiative (PRI) to formalize remittances, improvements in Pakistan’s FX market, and limited cross-border travelling.”