AGL 5.60 Decreased By ▼ -0.18 (-3.11%)
ANL 8.90 Increased By ▲ 0.02 (0.23%)
AVN 76.85 Decreased By ▼ -2.07 (-2.62%)
BOP 5.26 Decreased By ▼ -0.02 (-0.38%)
CNERGY 4.63 Decreased By ▼ -0.07 (-1.49%)
EFERT 81.27 Decreased By ▼ -0.33 (-0.4%)
EPCL 50.08 Decreased By ▼ -0.83 (-1.63%)
FCCL 13.16 Decreased By ▼ -0.22 (-1.64%)
FFL 5.69 Decreased By ▼ -0.03 (-0.52%)
FLYNG 7.07 Decreased By ▼ -0.08 (-1.12%)
FNEL 4.79 Decreased By ▼ -0.03 (-0.62%)
GGGL 8.80 Decreased By ▼ -0.10 (-1.12%)
GGL 14.55 Decreased By ▼ -1.33 (-8.38%)
HUMNL 5.69 Decreased By ▼ -0.08 (-1.39%)
KEL 2.63 Decreased By ▼ -0.03 (-1.13%)
LOTCHEM 28.60 Decreased By ▼ -0.45 (-1.55%)
MLCF 24.49 Decreased By ▼ -0.61 (-2.43%)
OGDC 72.43 Decreased By ▼ -0.02 (-0.03%)
PAEL 15.36 Increased By ▲ 0.01 (0.07%)
PIBTL 5.00 Decreased By ▼ -0.05 (-0.99%)
PRL 16.10 Decreased By ▼ -0.19 (-1.17%)
SILK 1.08 Decreased By ▼ -0.01 (-0.92%)
TELE 9.14 Decreased By ▼ -0.23 (-2.45%)
TPL 7.23 Decreased By ▼ -0.10 (-1.36%)
TPLP 18.61 Decreased By ▼ -0.34 (-1.79%)
TREET 21.68 Decreased By ▼ -0.32 (-1.45%)
TRG 136.71 Decreased By ▼ -4.44 (-3.15%)
UNITY 16.88 Decreased By ▼ -0.14 (-0.82%)
WAVES 9.86 Decreased By ▼ -0.04 (-0.4%)
WTL 1.41 No Change ▼ 0.00 (0%)
BR100 4,225 Decreased By -29.6 (-0.7%)
BR30 15,518 Decreased By -214.7 (-1.36%)
KSE100 42,150 Decreased By -243.4 (-0.57%)
KSE30 15,588 Decreased By -75.7 (-0.48%)
Markets

Remittances maintain momentum, amount to $2.5bn in December

  • July-December inflows clock in at $15.8 billion, up by 11.3% year-on-year
Published January 14, 2022
Follow us

Remittances from overseas workers increased 3.4% year-on-year, amounting to $2,520 million in December 2021, said the State Bank of Pakistan (SBP) on Friday.

With $2.5 billion of inflows during December 2021, remittances continued their strong impetus of remaining above $2 billion since June 2020, added the central bank.

On a monthly basis, remittances increased 2.5% as compared $2,459.7 million recorded in November 2021.

Cumulatively, at $15.8 billion, remittances grew by 11.3% during the first half of FY22, as compared to $14.20 billion received over the same period last year.

Jul-Nov remittances post 10pc growth YoY

Saudi Arabia was the largest contributor to Pakistan's remittance inflows. The inflow increased by 2%, $4.034 billion in July-December of FY22, compared to $3.955 billion in the same period of the previous fiscal year.

During the period under review, remittances from the US, UK and UAE increased by 24%, 14.4% and 1.8%, respectively. Pakistan received remittances amounting to $1.493 from the US, $2.146 billion from the UK, and $3.008 billion from the UAE during the first six months of this fiscal year.

On a monthly basis, inflows during December 2021 were mainly sourced from Saudi Arabia ($626.6 million), United Arab Emirates ($453.2 million), United Kingdom ($340.8 million) and United States of America ($248.5 million).

“Proactive policy measures by the government and SBP to incentivise the use of formal channels and altruistic transfers to Pakistan amid the pandemic have positively contributed towards the sustained inflows of remittances since last year,” said the SBP.

It added that the July-November FY22 data of workers’ remittances has been revised upward to reflect inflows into Roshan Digital Accounts (RDA) that are related to local consumption (like payment of utility bills, transfer to local PKR account, etc.).

“Since data on these conversions was not previously available by country, these were reported under ‘other private transfers’ in the balance of payments statistics,” SBP said, adding that the December 2021 data is also compiled accordingly, and this treatment will be followed going forward.

Comments

Comments are closed.

Remittances maintain momentum, amount to $2.5bn in December

Imran Khan seeks power even if it undermines country's foundations: PM Shehbaz

Pakistan 'verifying reports' over IS-K claiming attack on Kabul embassy

CM Punjab Parvez Elahi says 'Gen Bajwa showed us way towards PTI'

Fawad says PTI ‘preparing for elections’ as Imran withdraws offer for talks

Tweets case: Quetta court approves Azam Swati’s five-day physical remand

Russia will not export oil subject to Western price cap, says deputy PM

PTI in front seat in second phase of AJK local govt polls

Air pollution hurts Bangladesh GDP as well as health: World Bank

India plans federal oversight of all real-money online games

PM Shehbaz felicitates people of Sindh on culture day celebrations