KARACHI, Oct 08 (APP):With dollars 2.7 billion of inflows during Sept. 2021, Pakistan’s overseas workers’ remittances continued their strong momentum and remained above US $ two billion since June 2020.
It was seventh consecutive month when inflows recorded around US $ 2.7 billion on average. In terms of growth, remittances increased by 16.9 percent year-on-year in September, while on month on month basis the inflows were increased by 0.5 percent.
Cumulatively, at US $ 8.0 billion, remittances grew by 12.5 percent during the first quarter of this year over the same period last year, said SBP statement on Friday.
Remittance inflows during Sept. 2021 were mainly sourced from Saudi Arabia ( US $ 691 million), United Arab Emirates (US $ 502 million), United Kingdom (US $370 million) and the United States (US $ 245 million).
Proactive policy measures by the government and State Bank of Pakistan to incentivize the use of formal channels, curtailed cross-border travel in the face of COVID-19, altruistic transfers to Pakistan amid the pandemic, and orderly foreign exchange market conditions had positively contributed towards the sustained improvement in remittance inflows since last year.
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