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.