Remittances exceed $2 billion for eighth straight month

Published in Dawn, February 15, 2021

Remittances from Pakistani workers employed abroad exceeded $2 billion for the eighth straight month in January at $2.3 billion, up 19 per cent from a year earlier, the country’s central bank said on Monday.

Sharing the figures on Twitter, Prime Minister Imran Khan thanked overseas Pakistanis.

“This is a record for our country, and I thank our overseas Pakistanis,” he said.

 

The sustained increase in remittances largely reflects the growing use of banking channels that is attributed to continued efforts by the government and the central bank to attract inflows through official channels, the State Bank of Pakistan said in a statement.

Limited cross-border travel due to a second wave of coronavirus pandemic, and a flexible exchange rate regime also boosted remittances, it added.

Travel restrictions and introduction of digital apps for transferring money are the main reasons behind higher remittances among others, Samiullah Tariq, head of research and development at Pakistan Kuwait Investment Company, told Reuters.

According to the SBP, a large part of the remittances during the July to January period in FY21 was sourced from Saudi Arabia ($4.5bn), United Arab Emirates ($3.4bn), United Kingdom ($2.2bn) and United States ($1.4bn).

Information Minister Shibli Faraz said the sustained increase in remittances was a “clear indication that overseas Pakistanis trust the transparent leadership of PM Imran Khan”.

 

Your Comment:

Related Posts

03

Dec
Print Media

Our Dutch disease

By Riaz Riazuddin Published in DAWN on December 02, 2022 OUR economy is afflicted with several weaknesses one of which is Dutch disease. This economic malaise was first named by the Economist to describe the unfavourable impact in the Netherlands’ manufacturing sector — paradoxically, after the discovery and exploitation of huge gas reserves in the late 1950s. […]

22

Nov
Print Media

‘Green Alliance’ to revolutionise agri-sector, cement Pak-US bonds: Masood Khan

Published in The News on November 21, 2022 WASHINGTON: Pakistan Ambassador to the United States Masood Khan said the recent momentum in Pak-US relations has opened up vistas of opportunities in furthering Pak-US cooperation in critical areas including the agriculture sector. The Ambassador made these remarks while addressing a webinar on ‘Pak-US Cooperation in Agriculture Sector’ which[…]