Remittances continue to remain robust, stand at $2.5b in October

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Staff Reporter
Karachi

The remittances sent home by overseas Pakistan surged 10.2% in October 2021 to $2.5 billion on a year-on-year basis owing to measures taken by the government and the State Bank of Pakistan to encourage the use of formal channels to send money home.

According to the data released by the State Bank of Pakistan (SBP) on Sunday, the inflow of remittances had stood at $2.3 billion in the same month last year.

“In addition to staying above $2 billion since June 2020, this is the eighth consecutive month when remittances have been close to or above $2.5 billion,” SBP said in a statement.

“Proactive policy measures by the government and SBP to incentivise the use of formal channels and altruistic transfers to Pakistan amid the pandemic have positively contributed towards the sustained improvement in remittance inflows since last year.”

However, the inflows declined 5.7% on a month-on-month basis as they had amounted to $2.67 billion in September 2021.

According to the central bank, Pakistanis based in Saudi Arabia sent the largest amount of remittances at $655.4 million in October 2021, which was 3.25% higher than $634.8 million received in the same month last year.

The amount sent home by expatriates in UAE registered a decrease of 10% to $456 million in October 2021.

Inflows from the Middle Eastern nation had amounted to $504.1 million in the same month last year.

Pakistanis in UK managed to send $346.7 million home in the month under review compared to $278.5 million in the same month last year, an increase of 24.5%.

Remittances sent home by overseas Pakistanis residing in US climbed 26.4% last month as they amounted to $231.8 million against $183.3 million in the same month last year.
Receipts from GCC countries other than Saudi Arabia and UAE inched up 4.7% to $285.6 million.

The amount received from the region had stood at $272.8 million last year. Pakistanis in European Union sent 43% higher remittances in October 2021 as the inflows amounted to $291.1 million against 203.2 million in October 2020.

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