Business
SBP reports over $2bn remittances for straight eighth month
Karachi: The State Bank of Pakistan (SBP) has reported a 24.2% surge in remittances which has now reached $2.266 billion in February.
As per State Bank, the remittances sent by overseas Pakistanis remained above $2 billion in February for the eighth consecutive month and if June for year 2020 is also counted, it was ninth straight month when Pakistan received over $2bn in monthly remittances.
Seasonal factors such as Ramazan and Eid may have led to a rise in remittances, says Experts.
According to data released by SBP, a large part of remittance flows in July-February 2021 came from Saudi Arabia, the United Arab Emirates (UAE), the United Kingdom (UK), and the United States (US).
In 2020, Pakistan’s total exports during the first seven months stood at $13.896bn which reflected the country’s growing dependence on remittances.
The Covid-19 pandemic has positively impacted on remittances which increased by 24.1 percent during the first eight months of the current fiscal.
Earlier in January 2021, the central bank revised up its projection for remittances to $24-25 billion.
However, country had received record high remittances of $23.10 billion in the preceding fiscal year.
-
Regional 2 days ago
Sindh govt introduces smart card for bus fares in Karachi
-
Business 2 days ago
Oil sets at steepest weekly loss in three months
-
Pakistan 2 days ago
PTI denied permission for rally in Karachi
-
Business 2 days ago
Gold price in Pakistan plummets Rs1,600 per tola
-
Pakistan 21 hours ago
Punjab CM Maryam meets Korean Ambassador to Pakistan Park Kijun
-
Health 2 days ago
Punjab to provide free medicines to 0.2m patients at their doorstep
-
Technology 2 days ago
Binance founder’s sentencing hearing
-
Regional 1 day ago
The reckless policies that helped fill our streets with ridiculously large cars