Pakistani workers’ remittances up 14.1% to $2.3 billion in October
This is for the fifth consecutive month that workers’ remittances remained above $2.0 billion in October 2020, according to the latest figures released by the State Bank of Pakistan (SBP) on Thursday.
A large part of year-on-year increase in October 2020 was sourced from Saudi Arabia (30 percent), United States (16 percent) and United Kingdom (14.6 percent).
Improvements in Pakistan’s FX market structure and its dynamics, efforts under the Pakistan Remittances Initiative (PRI) to formalize the flows and limited cross-border travelling contributed to the growth in remittances, the SBP added.
Meanwhile, during the first four month (July-October) of the current fiscal year (2020-21), the workers’ remittances increased to $9.4 billion, recording a growth of 26.5 percent over the same period last year.