Tuesday, November 28, 2023

Remittances exceeded $ 2 billion for the eighth consecutive month

Remittances from Pakistani workers employed abroad exceeded $ 2 billion for the eighth consecutive month in January, with $ 2.3 billion, an increase of 19% over the previous year, the country’s central bank said on Monday.

Moreover, Sharing the numbers on Twitter, Prime Minister Imran Khan thanked foreign Pakistanis.

This is a record for our country, and I thank our Pakistanis abroad,” he said.

As well as, “The sustained increase in remittances largely reflects the growing use of banking channels, which is attributed to the continued efforts of the government and the central bank to attract inflows through official channels“, the State Bank of Pakistan said in a statement.

Limited cross-border travel due to a second wave of the coronavirus pandemic and a flexible exchange rate regime also boosted remittances, he added.

Travel restrictions and the introduction of digital money transfer applications are also the main reasons behind the increase in remittances, among others, Samiullah Tariq, head of research and development at Pakistan Kuwait Investment Company.

Furthermore, According to the SBP, a large part of remittances during the period from July to January in FY21 came from Saudi Arabia ($ 4.5 billion), United Arab Emirates ($ 3.4 billion), the United Kingdom ($ 2, 2 billion), and the United States ($ 1.4 billion).

Information Minister Shibli Faraz said the sustained increase in remittances is also“a clear indication that foreign Pakistanis trust Prime Minister Imran Khan’s transparent leadership”.

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