State Bank of Pakistan (SBP) released official figures of Overseas remittances for the month of May 2021 where remittances massively increased to US$2.5bn, marking a 34% YoY increase. May-2021 remained the 12th consecutive month where remittances have remained above $2billion a month.

The remittances were however 10% down from previous month as last month recorded higher inflows of Eid aswell, which dissipated during this month.

Cumulative Remittance inflows for the eleven month period of Fiscal year 2021 reached a record US$26.7bn, up by 29% YoY.

Analysts believe that a sustained increase in workers’ remittances in Pakistan is due to travel restrictions amid COVID
, growing use of banking channel for foreign flows.

On monthly basis, remittances were down across 17/15/14/12/8/7/3% from USA (17%), UK (15%), Saudi Arabia (8%), UAE (7%).

Remittances are expected to cross $29 billion mark for FY2021. Following is the regionwise breakup of remittnaces.

US$ in MillionsMay-21May-2011MFY2111MFY20Growth
Saudi Arabia6145417,0105,86520%
Other GCC2622013,0172,64914%

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