For the 14th consecutive month, remittances remained above $2 billion. At $2.71bn, remittances increased by 0.7 percent over the previous month and showed a decline by 2.1 percent over the same month last year. This marginal YoY decline was largely on account of Eid-ul-Adha, which resulted in fewer working days this July compared to last year.
This is the second-highest ever level of remittances reported in the month of July.
The inflows during July’21 were mainly sourced from Saudi Arabia ($641 million), United Arab Emirates ($531 million), United Kingdom ($393 million) and the United States ($312 million).
Proactive policy measures by the Government and SBP to incentivize the use of formal channels, curtailed cross-border travel in the face of COVID-19, altruistic transfers to Pakistan amid the pandemic, and orderly foreign exchange market conditions have positively contributed towards the sustained improvement in remittance inflows since last year, the press release said.