For the 9th consecutive month, workers’ remittances remained above $2 billion in February 2021.
Workers’ remittances amounted to $2.266 billion in February 2021, around the same level as the previous month and 24.2 percent higher than in February 2020.
During Jul-Feb FY21, workers’ remittances reached $18.7 billion, 24.1 percent higher than the corresponding period last year.
A large part of workers ‘remittance inflow during Jul-Feb FY21 was sourced from Saudi Arabia ($5.0 billion), United Arab Emirates ($3.9 billion), United Kingdom ($2.5 billion) and United States ($1.6 billion).
Policy measures undertaken by the Government and SBP to encourage inflows through formal channels, limited cross border travel due to COVID-19, medical expenses and altruistic transfers to Pakistan amidst the pandemic, and orderly exchange market conditions contributed to this sustained rise in workers’ remittances.
