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Remittances decreased by USD57mn in July

Remittances decreased by USD57mn in July

admin-augaf by admin-augaf
August 10, 2021
in Business, Finance
Reading Time: 1 min read
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Remittances decreased by USD57mn in July

Remittances decreased by USD57mn in July

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Karachi August 10 2021: With inflows of $2.71 billion in July 2021, workers' remittances continued their strong trend, remaining above $2.0 billion for the 14th consecutive month. This is the second-highest ever level of remittances reported in the month of July.

In terms of growth, remittances increased by 0.7 percent over previous month and showed a decline by 2.1 percent over the same month last year. This marginal y/y decline was largely on account of Eid-ul-Adha, which resulted in fewer working days this July compared to last year.


A L S O || R E A D

Agricultural Borrowers Declined By 5 Percent To 3.5 Million: SBP


Remittance inflows during July 2021 were mainly sourced from Saudi Arabia ($641 million), United Arab Emirates ($531 million), United Kingdom ($393 million) and the United States ($312 million).

Proactive policy measures by the Government and SBP to incentivize the use of formal channels, curtailed cross-border travel in the face of COVID-19, altruistic transfers to Pakistan amid the pandemic, and orderly foreign exchange market conditions have positively contributed towards the sustained improvement in remittance inflows since last year.


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Tags: financeImran KhanPakistanpakistan stock exchangePakistan Tahreek InsaafPTISBP
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