Remittances Jump to $2.71bn in July
Karachi: In July, the first month of the current fiscal year, Pakistan received the third-largest amount of remittances from overseas workers, totaling $2.71 billion, making the much-needed funds available to pay for increasing imports, which is required to achieve the planned higher economic growth.
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This was the sixth time in the past 13 months that remittances sent home by Pakistanis living abroad remained above $2.5 billion. In addition, July marked the fifteenth consecutive month in which receipts remained over the $2 billion mark, according to data from the State Bank of Pakistan (SBP).
In July, however, the remittances decreased by 2.1% compared to the $2.76 billion received in July 2021. They were over 1% (0.7%) greater than the previous month’s total of $2.69 billion in June 2021.
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In the aftermath of Covid-19, Pakistan saw a significant increase in workers’ remittances. The full or partial restriction of international travel to contain the disease encouraged overseas Pakistanis to send remittances through banking channels.
Historically, few non-resident Pakistanis sent money home through the illicit methods of hundi-hawala operators, as the Pakistani rupee was exchanged at a better rate within the nation.
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