July’2021 remittances at $2.7bn, Down 2 percent YoY

August 11, 2021

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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.