Pakistan remittances up 10.4% to $5.36 billion in August 2021

Dubai - Non-resident Pakistanis remit a record $2.66 billion last month.

Overseas Pakistanis continued to remit a record amount of over $2 billion for the 15th consecutive month in August, the second month of the new financial year 2021-22.

Non-resident Pakistanis remitted a record $2.66 billion last month. This is the sixth consecutive month when inflows recorded around $2.7 billion on average, according to data released by the State Bank of Pakistan (SBP) -- the central bank.

In terms of growth, remittances increased by 26.8 per cent in August, which is a decade high growth rate for that month. However, inflows were marginally lower on month-on-month basis due to usual post-Eid slowdown.

"This seasonal decline was far less this year compared to historical trends," the central bank said.

On cumulatively basis, Pakistan received $5.36 billion remittances during the first two month of financial year 2021-22, reflecting a year-on-year growth of 10.4 per cent.

Pakistan received record $29.4 billion remittances during the financial year 2020-21 compared to $23 billion it received during the financial year 2019-20.

muzaffarrizvi@khaleejtimes.com