Remittances to Pakistan cross $2b for fourth straight month

Dubai

The flow of remittances to Pakistan has remained steady above the $2 billion mark for the fourth consecutive month in September despite the pandemic keeping economies and businesses depressed around the world, and job losses continuing.

State Bank of Pakistan on Monday said September remittances increased to $2.3 billion (Dh8.44 billion), 31.2 percent higher than the same month last year, and nine percent higher than the previous month.

On a cumulative basis, remittances rose to a record $7.1 billion in first-quarter the 2021 fiscal year, 31.1 percent higher than the same period last year.

"Despite Covid-19, more good news for our economy. Thank God, remittances from our hardworking overseas Pakistanis rose to $2.3 billion in September 2020. This marks the 4th consecutive month that remittances have remained above $2 billion," Pakistani Prime Minister Imran Khan said in a tweet on Monday.

The level of remittances in September was slightly higher than the State Bank's projections of $2 billion. In the wake of outbreak of the pandemic, there was a concern that remittances to Pakistan, and other major recipient countries too, will decline due to job losses of foreign workers in the Gulf and other countries.

"Efforts under the Pakistan Remittances Initiative (PRI) and the gradual reopening of major host destinations such as the Middle East, Europe, and the US contributed to the sustained increase in workers' remittances," said the central bank.