Karachi: For the 9th consecutive month, the workers’ remittances amounted to $ 2.266 billion in February 2021, around the same level as the previous month and 24.2 % higher than in February 2020.

During July-February FY21, workers’ remittances reached $ 18.7 billion, 24.1 % higher than the corresponding period last year.

A large part of workers’ remittance inflow during July-February FY21 was sourced from Saudi Arabia ($ 5.0 billion), United Arab Emirates ($ 3.9 billion), United Kingdom ($ 2.5 billion), and United States ($1.6 billion).

Policy measures undertaken by the Government and State Bank of Pakistan (SBP) to encourage inflows through formal channels, limited cross border travel due to COVID-19, medical expenses, and altruistic transfers to Pakistan amidst the pandemic, as well as an orderly exchange in market conditions, contributed to this sustained rise in workers’ remittances.

The author is a senior business reporter with bylines in leading newspapers and magazines across Pakistan.


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