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Business & Finance

Pakistan’s Workers Remittances exceeded $2bn in Jan 2021

  • The growth in remittances recorded an increase of 19 percent over January 2020. However, remittances remained slightly lower from December 2020 level of $2.4 billion.
Updated 16 Feb 2021

Pakistan workers remittances exceeded $ 2.0 billion for the eighth consecutive month and amounted to $2.3 billion in January 2021, revealed State Bank of Pakistan (SBP) latest figures.

The growth in remittances recorded an increase of 19 percent over January 2020. However, remittances remained slightly lower from December 2020 level of $2.4 billion.

On cumulative basis, workers’ remittances reached $16.5 billion during Jul-Jan FY21, registering 24 percent increase over same period last year.

As per details, a major chunk of workers’ remittances during Jul-Jan FY21 was sourced from Saudi Arabia ($4.5 billion), United Arab Emirates ($3.4 billion), United Kingdom ($2.2 billion) and United States ($1.4 billion).

The central bank was of the view that this sustained increase in workers’ remittances largely reflects growing use of banking channel that is attributed to continuous efforts by Government and SBP to attract inflows through official channel, limited cross border travel amid second wave of COVID-19 and flexible exchange rate regime.

Prime Minister Imran Khan also shared the development while congratulating the Overseas Pakistani community on the achievement.

“Remittances from overseas Pakistanis were $2.27bn in Jan, up 19% over Jan 2020 - 8th consecutive month of remittances above $2bn. To date in this fiscal year they are up 24% compared to last year. This is a record for our country and I thank our overseas Pakistanis,” PM tweeted.

PM added “good news from industrial sector also, showing sustained growth. Large scale manufacturing saw another double digit growth month in December 2020 - 11.4% growth vs Dec 2019. Cumulative July to Dec growth above 8% now.”

Information Minister Shibli Faraz has said that an increase in remittances is a clear indication that overseas Pakistanis trust the transparent leadership of Prime Minister Imran Khan.