State Bank of Pakistan (SBP) has released official figures for June-2021 remittances where foreign remittances amounted to US$2.7bn, marking an 8% MoM rise. This led to Total remittances of US$29.4 billion during FY2021, up by 27% YoY.
During June 2021, Foreign remittances increased due to seasonal Eid related inflows which provided further support. The average monthly remittances stood around US$ 2.4billion during FY2021.
Pakistan witnessed an unprecedented surge in Foreign Remittance which is attributed to Government and SBP Policy measures to incentivize the use of formal Banking channels, Low level of Foreign travel , Foreign remittances amid for welfare amid COVID19 and rising freelancers income coming through official Remittance channels.
During June-2021, major increase in remittances came from Other Gulf Countries(excluding KSA, UAE) and European Union which increased by 14% and 13% respectively.
While on yearly basis, USA and UK had the largest increase of 58% each.
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