Pakistan records 11.3% growth in remittances in July-Dec 2021

Karachi: The workers remittances grew by 11.3 percent during the first half of the current fiscal year as compared to the corresponding period of last year, the State Bank of Pakistan (SBP) has reported.

The workers remittances during July-December of fiscla year 2021-22 were recorded at $15.8 billion.

With $2.5 billion of inflows during December 2021, workers’ remittances continued their strong impetus of remaining above $2 billion since June 2020.

In terms of growth, remittances increased by 2.5% on month-on-month basis and 3.4 % on year-on-year basis in December 2021.

Remittance inflows during December 2021 were mainly sourced from Saudi Arabia ($626.6 million), United Arab Emirates ($453.2 million), United Kingdom ($340.8 million) and United States of America ($248.5 million).

The proactive policy measures by the government and SBP to incentivize the use of formal channels and altruistic transfers to Pakistan amid the pandemic have positively contributed towards the sustained inflows of remittances since last year, the SBP statement added.

The Jul-Nov FY22 data of workers’ remittances has been revised upward to reflect inflows into Roshan Digital Accounts (RDA) that are related to local consumption (like payment of utility bills, transfer to local PKR account, etc.).

SOURCE: APP