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Business

Pakistan's Remittances remain strong in August, surpass $2bn for the third month

  • The remittances reached $2.095 billion, which is 24.4 percent higher than during the same month last year and largely in line with SBP projections.
14 Sep 2020

Remittances from Overseas Pakistanis continued its strong runs, as the workers’ remittances in August, remained above $2 billion for the third month in a row.

As per the State Bank of Pakistan (SBP), the remittances reached $2.095 billion, which is 24.4 percent higher than during the same month last year and largely in line with SBP projections.

“Overseas Pakistanis sent $2,095 million in remittances in Aug 2020 -- 24.4% higher than Aug. last year -- in addition to the record $2,768 million in July 2020. For the first two months of this fiscal year, our remittances are up 31% over the same period last year. Alhamdulillah,” tweeted Prime Minister Imran Khan on Monday.

Over the last three months, remittances reached an unprecedented level of $7.3 billion, 37.2 percent higher than the same period last year.

The central bank was of the view that the efforts under the Pakistan Remittances Initiative (PRI) and the gradual re-opening of businesses in major host countries such as Middle East, Europe and United States contributed to this increase.

The top three originating countries for remittances in August were: Saudi Arabia ($0.593 billion), UAE ($0.410 billion) and UK ($0.302 billion). Meanwhile, on a month to month, remittances were 24.3 percent lower than the record level of remittances of $ 2.768 billion posted in July, mainly reflecting the usual seasonal decline in the post Eid-alAdha period.