Remittances grow by 10% to $12.9bn in five months

KARACHI: Workers’ remittances grew by almost 10 per cent to $12.9 billion in the first five months of the ongoing fiscal year compared to last year’s same period, data released by the State Bank of Pakistan (SBP) said.

The central bank said inflows clocked in at $2.4 billion in November 2021, continuing “their strong streak of remaining above $2 billion since June 2020”.

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Workers’ remittances increased by 0.6 per cent in November on year-on-year basis but declined by 6.6 per cent on month-on-month basis.

The data showed the inflows from Saudi Arabia clocked in at $590 million, the United Arab Emirates (UAE) $452.5 million, the United Kingdom (UK) $305.8 million and the United States (US) $237.8 million.

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The central bank said in a statement that, “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.”