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

18

Feb
Print Media

Beyond Covid-19

By Samar Quddus, Published in The News, February 16, 2021 The 21st century mainly gave us the unabated war on terror, civil conflict, political disruption, climate change, and above all global epidemics that have now placed a chokehold on well-functioning economies of the world. In this regard, the last 15 months have proved to be the most […]

Print Media

IMF agreement

Editorial, Published in Dawn, February 18, 2021 WITH a staff-level agreement between the government and the IMF staff, Pakistan is now set to re-enter the programme that was suspended in April because of the coronavirus. Although the Fund statement released at the moment carries only broad pointers of what is to come, one thing is quite clear: it is[…]