Workers’ Remittances Remain Strong in August

In August, workers’ remittances remained above $2 billion for the third month in a row. They reached $ 2.095 billion, which is 24.4 percent higher than during the same month last year and largely in line with SBP projections.

• Over the last three months, remittances reached an unprecedented level of $7.3 billion, 37.2 percent higher than the same period last year.

• Efforts under the Pakistan Remittances Initiative (PRI) and the gradual re-opening of businesses in major host countries such as Middle East, Europe and United States contributed to this increase.

• The top three originating countries for remittances in August were: Saudi Arabia ($0.593 billion), UAE ($0.410 billion) and UK ($0.302 billion)

• On a m/m basis, remittances were 24.3 percent lower than the record level of remittances of $ 2.768 billion posted in July, mainly reflecting the usual seasonal decline in the post Eid-al-Adha period.

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