Payments Above $2bn Settled for Seventh Straight Month
Seven months in a row, monthly contributions from Overseas Pakistani employees have exceeded $2 billion in Karachi.
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The SBP reported that December payments increased by 2.5% compared to the previous seven months. The annual increase was 3.4% in the past. The payments increased by 11.3% to $15.8 billion in the first half of fiscal year 2021-22. Recent funding sources included Saudi Arabia ($626.6 million), the United Arab Emirates ($453.2 million), the United Kingdom ($340.8 million), and the United States ($248.5 million).
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According to the Central Bank, proactive policy actions by the government and the SBP will stimulate the use of formal channels and philanthropic donations to Pakistan in the midst of the current economic situation. Since last year, the epidemic has helped positively to the continuing influx of remittances.
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