Workers Remittances see 'exceptional' growth of over 24pc in February

Remittances from Overseas Pakistanis continued exceptional performance in February 2021, reaching $2.266 billion.

As per the latest data released by the State Bank of Pakistan (SBP) on Thursday, the workers' remittances grew by 24.17 percent as compared to the same month in 2020.

On a month-on-month basis, a decline of 0.34pc was recorded from $2,273.6 million recorded in January 2021.

On a cumulative basis, remittances rose to an unprecedented $18.7bn during July-Feb FY21, up 24.1pc compared to the same period last year.

The central bank was of the view that policy measures undertaken by the Government and SBP to encourage inflows through formal channels, limited cross border travel due to COVID-19, medical expenses and altruistic transfers to Pakistan amidst the pandemic, and orderly exchange market conditions contributed to this sustained rise in workers’ remittances.

The highest amount was once again remitted by Saudi Arabia with $532.6mn, UAE was the second-best destination for remittances after Overseas Pakistanis remitted $ 488.0mn in the month of February.

The UK was third on the list, with $349.2mn remitted by workers in the month of February, whereas, $208.3mn was remitted from the European Union countries. For FY21, the monthly average of Workers Remittances has remained at $2,342.8mn.