Workers Remittances recorded at $2.6bn in August’2021

September 11, 2021

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Remittances from foreign workers continued to grow rapidly, rising 27 percent in first two months of FY2022 as Government provided measures help route inflows through banking channel.

State Bank of Pakistan confirmed on Friday that Pakistan received $ 2.66 billion in remittances in August 2021, up from $ 2.1 billion in August 2020, marking an increase of $ 65 million. This is the sixth straight month with remittances averaging $ 2.7 billion, and the 15th straight month that the country has received over $ 2 billion in remittances. Since June 2020, the country has received more than $ 2 billion per month in domestic remittances.

In terms of growth, remittnaces increased by 26.8% (year on year) in August 2021, also the fastest monthly growth in a decade . Monthly remittances remained slightly lower than the $ 2.7 inflow in July 2021, reflecting the usual slowdown in growth following the festive season of Eid al-Adha. However, according to the SBP, this year’s seasonal decline has been much smaller than historical trends.

Remittances sent overseas by Pakistanis increased by a total of 10.4 percent, or $ 505 million, in the first two months of this fiscal year compared to the same period last year (21 fiscal years). Overall, the fiscal year July 22 through August totaled $ 5.364 billion, up from $ 4.859 billion in the same period last fiscal year.