Karachi: Inflows of workers’ remittances have crossed $10 billion mark during the first four months of this fiscal year (FY22). The State Bank of Pakistan (SBP) on Sunday revealed that on a cumulative basis, home remittances sent by overseas Pakistanis posted 12 percent growth during July-Oct of FY22. Inflows of home remittances rose to $10.6 billion during the first four months of FY22 compared to $9.4 billion in the same period last year, depicting an increased of $1.2 billion.
SBP said that proactive policy measures by the Government and SBP to incentivize the use of formal channels and altruistic transfers to Pakistan amid the pandemic have positively contributed towards the sustained improvement in remittance inflows since last year.
Monthly inflows of workers’ remittances also continued their strong streak as inflows recorded $2.5 billion in October 2021, up 10.2 percent compared to $2.3 billion inflows in October 2020.
However, home remittances were marginally 5.7 percent lower in October 2021 compared to $ 2.67 billion inflows in September 2021. In addition to remaining above $2 billion since June 2020, this is the eighth consecutive month when remittances have been close to or above $2.5 billion.
Remittance inflows during the first four months of FY22 have mainly been sourced from Saudi Arabia, UAE, UK and USA. Highest inflows arrived from Saudi Arabia; however, overall inflows of home remittances from Saudi Arabia declined by 1.2 percent to $2.68 billion in the first four months of this fiscal year.
Inflows from the US and UK rose by 31 percent and 18 percent to $1.068 billion and $1.462 billion during July-Oct of FY22. During the period under review, home remittances from UAE increased by 3 percent to $2 billion.
Copyright Business Recorder, 2021