Islamabad October 8 2021: With USD 2.7 billion of inflows during September 2021, workers' remittances continued their strong momentum and remaining above USD 2 billion since June 2020, as per data released by State Bank of Pakistan.
This is the 7th consecutive month when inflows recorded around USD 2.7 billion on average. In terms of growth, remittances increased by 16.9 percent (y/y) in September, while on an m/m basis, inflows were increased by 0.5 percent.
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Cumulatively, at USD 8.0 billion, remittances grew by 12.5 percent during the first quarter of this year over the same period last year.
Remittance inflows during September 2021 were mainly sourced from Saudi Arabia (USD 691 million), United Arab Emirates (USD 502 million), United Kingdom (USD 370 million) and the United States (USD 245 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.