Remittances remain above $2b for the 12th month in a row

While keeping with the trend over the past many months, workers’ remittances stayed above $2 billion in May 2021, which is going higher by the proactive policy measures taken by the government and the State Bank of Pakistan (SBP) to encourage expatriates to use formal money transfer channels.

As per the  data released by the central bank on Thursday, the remittances sent home by overseas Pakistanis rose 33.5% to $2.5 billion in May on a year-on-year basis.

“Remittances continued their exceptional streak in May 2021, remaining above $2 billion for the record 12th straight month,” it said.

The SBP said that the use of formal channels by overseas Pakistanis to send money back home, sharply lower cross-border travel in the wake of Covid-19, altruistic transfers to Pakistan amid the pandemic and orderly foreign exchange market conditions fuelled the rise in inflows.