Pakistan Receives a Record $8bn in Remittances in Three Months
During the first quarter of the current fiscal year, Pakistanis living abroad sent an all-time high of $8 billion in remittances, an increase of 12.5% from the same period last year.
With inflows of $2.7 billion in September, worker remittances maintained their strong momentum and have remained above $2 billion since June 2020, as reported by the State Bank of Pakistan (SBP).
During the first quarter of fiscal year 22 (Q1FY22), rising imports widened the trade deficit, exerting enormous pressure on the rupee-dollar exchange rate and resulting in a larger current account deficit.
The situation is not favourable for economic managers, unless increased remittances have significantly boosted the economy.
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