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HomeBusinessWorkers' remittances to Pakistan totaled $2.5 billion in October 2021

Workers’ remittances to Pakistan totaled $2.5 billion in October 2021

Inflows of workers’ remittances continued their solid trend, with inflows up 10.2 percent year over year and just modestly lower than previous month (5.7 percent). This is the ninth month in a row that remittances have been close to or above $2.5 billion, having been above $2 billion since June 2020.

Also read: Pakistan’s first bank, Faysal Bank Limited, has partnered with Sentbe to offer rapid cross-border home remittances.

Remittances totaled $10.6 billion in the first four months of FY22 (July-October 2021), an increase of 11.9 percent over the same period the previous year. Saudi Arabia ($2.7 billion), the United Arab Emirates ($2.0 billion), the United Kingdom ($1.5 billion), and the United States ($1.1 billion) were the largest sources of remittance inflows in the first four months of FY22.

Proactive policy measures by the Government and SBP to incentivize the use of formal channels and altruistic transfers to Pakistan amid the pandemic have positively contributed towards the sustained improvement in remittance inflows since last year.

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