Remittances Remain Over $2 Billion For the Ninth Consecutive Month

Remittances from overseas Pakistanis maintained the support, exceeding $2 billion for the ninth consecutive month.

The remittance inflows for the month of February were recorded at $2.2 billion.

According to the State Bank of Pakistan (SBP), the remittances continued to have exceptional performance in February 2021, reaching $2.26 billion, up 24.2 percent, as compared to February 2020 and roughly the same as last month.

Remittances continued exceptional performance in Feb21, reaching $2.26bn, up 24.2% compared to Feb20 and roughly same as last month. Cumulatively, they rose to an unprecedented $18.7bn during Jul-Feb FY21, up 24.1% compared to the same period last year: https://t.co/7XBd4uNES4 pic.twitter.com/TBVu1Aifv5

— SBP (@StateBank_Pak) March 11, 2021

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Overall, the remittances rose to an unprecedented $18.7 billion during July-February FY21, up 24.1 percent, as compared to the same period last year.

A.A.H Soomro, Managing Director at Khadim Ali Shah Bukhari Securities told ProPakistani,

Remittances continue to keep the economy & currency afloat. Lower travel, more formal channels & job losses keeping the growth much higher! Given the third wave & lower inoculation, trends should remain positive this fiscal year. Holidaying/religious tourism is still delayed. Expect a manageable current account and no immediate risks on the currency.

The handsome inflows of remittances are playing a major role in various sectors and the economy, chiefly in maintaining the current account surplus.

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With four months left in the current financial year, the remittances are expected to record all-time high levels, with values likely to touch a mark of $28 billion.

This sustained increase in workers’ remittances largely reflects the growing use of banking channels that is attributed to continuous efforts by the Government and SBP to attract inflows through the official channels, limited cross-border travel.

Remittances are largely received from Saudi Arabia, the UAE, the USA, and the UK.