Remittances witness ‘decade-high growth’ in August 2021


KARACHI – The overseas Pakistani workers’ remittances continued their strong trend, reaching $2.66 billion in August 2021.

This is the sixth consecutive month when inflows recorded around $2.7 billion on average, and the fifteen consecutive month they have been above $2 billion, said State Bank of Pakistan in a statement .

In terms of growth, remittances increased by 26.8 percent year on year basis in August, which is a decade high growth rate for that month.

On a month on month basis, inflows were marginally lower than in July, reflecting the usual post‐Eid slowdown.

Nevertheless, this seasonal decline was far less this year compared to historical trends. Cumulatively, at $5.36 billion, remittances grew by 10.4% during the first two months of this year over the same period last year.

Remittance inflows during August 2021 were mainly sourced from Saudi Arabia ($694 million), United Arab Emirates ($512 million), United Kingdom ($353 million) and the United States ($279 million).

Proactive policy measures by the Government and SBP to incentivize the use of formal channels, curtailed cross‐border travel in the face of COVID‐19, altruistic transfers to Pakistan amid the pandemic, and orderly foreign exchange market conditions have positively contributed towards the sustained improvement in remittance inflows since last year.

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