Remittances to Pakistan stay above $2bln for sixth consecutive month

UAE emerges 2nd largest source of remittances for Pakistan in first five months of FY2021

A currency dealer counts Pakistani rupees and U.S. dollars at his shop in Karachi October 8, 2008.

A currency dealer counts Pakistani rupees and U.S. dollars at his shop in Karachi October 8, 2008.

REUTERS/Athar Hussain

Remittances to Pakistan stayed above $2 billion for the sixth consecutive month in November, the country’s central bank said.

According to State Bank of Pakistan, workers’ remittances rose to $2.34 billion in November, 2.4 per cent higher than October 2020 and 28.4 per cent higher than November 2019.

During the first five months of 2021 fiscal year, workers’ remittances have reached an unprecedented level of $11.77 billion, 26.9 per cent higher than the same period last year. On average, workers’ remittances have been about half a billion higher in each month of FY 2021 as compared to the same period last year.

Remittance inflows during the first five months were mainly sourced from Saudi Arabia ($3.3 billion) followed by the UAE ($2.4 billion), UK ($1.6 billion) and US ($1 billion).

State Bank of Pakistan said continued government and central bank’s efforts to formalise remittances under the Pakistan Remittances Initiative (PRI), rising use of digital channels amid limited cross-border travel, orderly exchange market conditions, and some improvement in global economic activity are some of the important factors behind the sustained improvement in workers’ remittances.

The South Asian country’s liquid foreign exchange reserves stood at $20.4 billion as of December 4, 2020.

State Bank of Pakistan launched Roshan Digital Account for overseas Pakistanis to attract more foreign exchange into the country.

Interestingly, remittances from overseas Pakistanis into Roshan Digital Account rose to $7.7 million, their highest ever daily amount. To date, total inward remittances into RDA have reached $139.4 million, with $81 million invested in Naya Pakistan Certificates.

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