With $2.4 billion of inflows during November 2021, workers’ remittances continued their strong streak of remaining above $2 billion since June 2020.
In terms of growth, on a YoY basis, remittances increased by 0.6 percent in November 2021. In October 2021, the remittances inflows stood at 2.5 billion showing a decking of 6.6 percent on a month-on-month basis.
Cumulatively, at $12.9 billion, remittances grew by 9.7 percent during the first five months of FY22 over the same period last year.
Remittances inflows during November 2021 were mainly sourced from Saudi Arabia ($590 million), the United Arab Emirates ($452.5 million), the United Kingdom ($305.8 million), and the United States of America ($237.8 million).
Proactive policy measures by the government and the SBP to incentivize the use of formal channels and altruistic transfers to Pakistan amid the pandemic have contributed towards the sustained inflows of remittances since last year.
It is expected that inflows of remittance may be volatile and improve further in the coming months due to incentives under the newly launched Sohani Dharti Remittance program. The reopening of business in the global market and resumption of manpower exports to various countries might impact positively the growth front.
On the flip side, the resumption of Umrah, religious and other tourism might have an adverse impact on inflows of remittances.
Source: Pro Pakistani