Pakistan remittances hit $18.7B, on course for all-time high

Dubai - Saudi Arabia, UAE top two sources of inflows as money sent tops $2B for ninth straight month

Pakistan is on track to receive record remittances this year as the overseas Pakistanis continued to send above the $2 billion inflow mark for the ninth consecutive month in February, says a latest report.

State Bank of Pakistan’s latest data shows that workers’ remittances amounted to $2.266 billion in February, reflecting a year-on-year growth of 24.2 per cent. They sent 24.1 per cent more money in February during the July-February period as remittances reached $18.7 billion.

“A large part of workers remittance inflow during July-February was sourced from Saudi Arabia [$5 billion], the UAE [$3.9 billion], the United Kingdom [$2.5 billion] and the United States [$1.6 billion],” the SBP said in a statement on Thursday.

The central bank attributed the rise in remitrances to policy measures undertaken by the government and the SBP to encourage inflows through formal channels, limited cross-border travel due to Covid-19, medical expenses and altruistic transfers to Pakistan amidst the pandemic, and orderly exchange market conditions.

Analysts said the country may receive record remittances of up to $28 billion if the similar upward growth trend continues in the second half of the fiscal year ending on June 30.

— muzaffarrizvi@khaleejtimes.com