State Bank of Pakistan (SBP) published October 2020 Foreign remittance figures which came in at US$2.3bn, rising by 14% while maintaining the monthly momentum. This is the 5th consecutive month that remittances are above US$2 billion.
Cumulative Remittances for the period Jul-2020 to October-2020 reached US$9.4bn, up by 27% YoY. Improvements in Pakistan’s Forex market dynamics, Government’s initiatives under the Pakistan Remittances Initiative (PRI) to formalize the foreign flows and limited cross-border travelling contributed to the growth in remittances.
Furthermore, many freelancers across the country usually repatriate their income through Pakistan Remittances Initiative. It is believed that sudden rise in unemployment under COVID19 induced lock down and increased focus of government to promote freelancing skills have led to increased participation in freelance market from Pakistan. Resultantly, much of the freelancers income is being routed through remittances channel which provide quick and smooth way to receive foreign income.
The SBP Statements says ” A large part of increase in October 2020 was sourced from Saudi Arabia (30 percent),
United States (16 percent) and United Kingdom (14.6 percent)”
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