SBP says remittances continue their strong streak
Inflows from overseas Pakistanis increased by 10pc from Oct20 to $2.5bn in Oct21.
The State Bank of Pakistan (SBP) has said that remittances from overseas Pakistanis continued their strong streak rising by 10 per cent from Oct 2020 to $2.5 billion in Oct 2021.
The SBP, in a tweet, further said that the remittances only moderated marginally compared to Sept 2021 when they were amounted $2.7 billion.
Since June 2020 remittance are over $2 billion.
At $2.5bn in Oct21, remittances continue their strong streak, rising by 10% from Oct20 and only moderating marginally compared to Sep21. Cumulatively, they have risen to $10.6bn so far in FY22, up 12% over the same period last year. https://t.co/7XBd4uNES4 pic.twitter.com/V4YPd9JAuy
— SBP (@StateBank_Pak) November 14, 2021
According to the central bank, this is the eighth consecutive month when remittances close to or above $2.5 billion.
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“Remittances of Over $2bn For 10th Consecutive Month”
It added that during the first four months of FY22 (July-October 2021), the remittance increased 11.9 per cent to $11.6 billion
In first four months of FY22, the remittance sourced from Saudi Arabia ($ 2.7 billion), the UAE ($ 2.0 billion), UK ($1.5 billion) and the US ($ 1.1 billion).
