Pakistani working abroad sent $2.3 billion in October to Pakistan. Pakistan attracted $9.4 billion workers remittances during July to October period
“In the first 4 months of the fiscal year, remittances are up 26.5% compared to the same period last year,” the central bank of Pakistan stated in a press release.
October was the fifth consecutive month when remittances remained above $2 billion. State Bank in a statement said “For a record 5th consecutive month, workers’ remittances remained above $2 billion posting $2.3 billion in October 2020, about the same level as last month, and 14.1% higher than last October.”
“This sustained strength has been supported by continued efforts under the Pakistan Remittances Initiative (PRI) to formalize remittances, improvements in Pakistan’s FX market, and limited cross-border travelling.”