The month of October marked as the fifth consecutive month in the growth of remittance. Remittance rose approximately 14.1 per cent to around $2.3 Billion hovering above the $2 Billion marks. The data was released by the State Bank of Pakistan today.
The remittances clocked above 2 Billion for the fifth consecutive month in October, with a 14.1 pc increase than October last year said the state bank. The growth in the worker’s remittances in the first quarter of the fiscal year 2021 showed an immense rise of approximately 26.5 pc over the same time period from last year, amounting $9.4 Billion.
The growth in remittances is mainly because of the formalisation of flows and limited cross-border travelling by PRI – Pakistan Remittances Initiative. The State Bank promptly exclaimed that the improvement in Pakistan’s Forex Market Structure and its dynamics led to increments in remittances.
World Bank Report estimated that remittances will grow approximately around 9pc in 2020 with a sum of $24 Billion. World Bank projections were said to be mainly due to the diversion of remittances from informal to formal channels.