The State Bank of Pakistan (SBP) released Remittances data for the month of July-2021, where Pakistan received $ 2.71 billion in remittances in July 2021, down by $ 57 million from $2.764 billion in July-2020.

According to the SBP, a slight decline in the monthly figures was mainly due to the holiday of Eid al-Adha, which led to a reduction in the number of working days for the banking channel during the month.

Strong government and SBP policies to promote the use of official channels, reduced cross-border travel in the event of COVID-19, altruistic remittances to Pakistan in the midst of the pandemic, and a positively regulated foreign exchange market have contributed to the development of continued improvement in remittance flows since last year.

In terms of growth, remittances increased 0.7% from the previous month, June 2021.

Remittances from Saudi Arabia were down 22 percent to $ 641 million in the first months of this fiscal year, as compared to $ 821 million in July-2020. Despite the sharp decline, Saudi Arabia remains the largest source of remittances.

Workers’ remittances from the UAE fell from $ 538 million in July-2020 to $ 531 million in July-2021. Workers Remittances for the United Kingdom remained stable at $ 393 million, while for the United States increased 24 percent to $ 312 million in the first month of this fiscal year.

The following two tabs change content below.

Latest posts by News Desk (see all)


Please enter your comment!
Please enter your name here