July marked as the highest ever Remittances received in a month from abroad to Pakistan. The workers employed abroad have sent extra remittances as per the less spending on Hajj due to the Pandemic. However, the increase is calculated to be a massive 36.5%.
UAE and Saudi Arabia are one of the most active sources of remittances in Pakistan, as per the global conditions, the officials were scared that might inflict harm to the remittance count. The economical crisis is observed across the globe, we are sure that measures is one of the only key sources of Pakistan’s foreign exchange reserves.
In July remittances were around $2.768 Billion, the increase is said to be 12.2pc from June, which was itself a high month for remittances; Says State Bank of Pakistan. Prime Minister Imran Khan tweeted and acknowledged that they are increased and lauded it as a Good News for Pakistan and its Economy.
The breakdown of Remittances
Saudi Arabia topped the remittance amount with a massive $821.6 Million, followed by UAE at $538.2 Million, United Kingdom hailing over the United States with $393.9 Million while the US stood at $250.6 Million.
Given the impact of Covid-19 globally, this increase in workers remittance is encouraging,State Bank of Pakistan
The state of the World due to the global pandemic has worsened affecting major economies of the World. The unemployment rate rose all around the globe yet the remittances are very promising for the Economy. The growth rate of July 2019 when compared with current state was twice as high, majorly the factors being the decreased spending on Eid ul Azha.