It is 16% higher than December 2019
Pakistanis living abroad sent home $2.4 billion in December, which was 16% higher than the same period last year, according to data shared by the State Bank of Pakistan.
“Workers’ remittances maintained their strong momentum for the seventh consecutive month in December,” the State Bank said.
On a cumulative basis, workers’ remittances reached $14.2 billion during the first half of fiscal year 2021 (July to December). This means the remittances were 25% higher than the same period last year. This is the highest half yearly growth since fiscal year 2007.
Most of the inflows during the first half of the fiscal year were sourced from Saudi Arabia ($4 billion), the United Arab Emirates ($3 billion), the United Kingdom ($1.9 billion) and United States ($1.2 billion).
“This strong growth in workers’ remittances is attributable to the increased use of formal channels on the back of sustained efforts by the government and the State Bank to encourage inflows through official channels,” the Bank said.
The State Bank added that limited cross-border travel due to the second wave of COVID-19, together with favorable foreign exchange market dynamics have also helped jack up remittances.