Remittances above $2b for3rd month: SBP
Overseas Pakistanis sent $2.095 billion back to Pakistan in worker remittances in August, the State Bank reported on Monday.
This is the third consecutive month when the figure has been above two billion rupees but it is 24.3% less money than what they sent in July. Remittances received from Saudi Arabia were the highest at $593 million followed by the UAE ($410 million) and the UK ($302 million).
“The continued strength in remittances reflects the impact of various efforts by the SBP and the government to promote formal inflow channels and the gradual reopening of businesses in major countries of the Middle East, Europe, and the United States,” the State Bank said.
August’s remittances improved 24.7% compared to the same time last year when the figure was $1.68 billion. According to the State Bank, over the last three months remittances reached $7.3 billion, which is 37.2% higher than that of the same period last year.
According to the State Bank, the drop this month is mainly reflecting the usual seasonal decline in the post-Eid-ul-Azha period and the numbers are according to their projections.