Workers’ remittances stands at $2.71b in July

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Islamabad

The overseas Pakistani workers’ remittances continued strong trend and remained above $ 2 billion mark for 14th consecutive month.

“With inflows of $ 2.71 billion in July 2021, workers’ remittances continued their strong trend, remaining above $2.0 billion for the 14th consecutive month,” said a statement issued by State Bank of Pakistan (SBP) on Tuesday.

This is the second-highest ever level of remittances reported in the month of July, it added.

In terms of growth, remittances increased by 0.7% over previous month and showed a decline of 2.1% over the same month last year.

This marginal year on year decline was largely on account of Eid-ul-Adha, which resulted in fewer working days this July compared to last year.

In Fiscal Year 2020-21 (July-June), the workers’ remittances posted a historic annual high of US$29.4 billion during the year 2020-21 (Jul-Jun), showing an increase of 27 percent as compared with the preceding years’ remittances of $23.13 billion.

The historic increase in the inflows has helped improving the country’s external sector position despite the challenging global economic conditions in the past year.

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