Fifth consecutive month: Pakistan’s remittances remain above $2b

Pakistan’s inflows remained above $2 billion for the fifth consecutive month in October 2020, the State Bank of Pakistan said on Thursday.

In a statement, the central bank said workers’ remittances amounted to $2.3 billion during the last month – a 14.1% increase compared to October 2019.

With $9.4 billion, the remittances grew by 26.5% during in the first quarter [July-Oct] of the current fiscal year, compared to the previous year.

A large part of the year-on-year increase in October 2020 was sourced from the Kingdom of Saudi Arabia at 30% while United States and United Kingdom stood at 16% and 14%, respectively.

“Improvements in Pakistan’s FX market structure and its dynamics, efforts under the Pakistan Remittances Initiative (PRI) to formalise the flows and limited cross-border travelling contributed to the growth in remittances,” the SBP statement reads.