Treasure Magazine

Treasure Magazine

Workers remittances surge to $2.34bn in Nov

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remittances
Workers’ remittances rose to $2.34 billion in November, 2.4 percent higher than in October and 28.4 percent higher than last November

KARACHI: Workers’ remittances maintained their strong momentum in November this year, remaining above $2 billion for a record 6th consecutive month, the State Bank of Pakistan (SBP) said here on Friday.

Workers’ remittances rose to $2.34 billion in November, 2.4 percent higher than in October and 28.4 percent higher than last November, SBP said.

During the first five months of 2020-21, workers’ remittances have reached an unprecedented level of $11.77 billion, 26.9 percent higher than the same period last year.  On average, workers’ remittances have been about half a billion ($499 million) higher in each month of 2020-21 as compared to the same period last year.

Remittance inflows during the first five months of this fiscal year have mainly been sourced from Saudi Arabia ($3.3 billion), United Arab Emirates ($2.4 billion), United Kingdom ($1.6 billion) and United States ($1.0 billion). 

Continued government and SBP efforts to formalize remittances under the Pakistan Remittances Initiative (PRI), rising use of digital channels amid limited cross-border travel, orderly exchange market conditions, and some improvement in global economic activity are some of the important factors behind the sustained improvement in workers’ remittances.