· With $2.7 billion of inflows during September 2021, workers’ remittances continued their strong momentum and remaining above $2 billion since June 2020.
This is the 7th consecutive month when inflows recorded around $2.7 billion on average.
· In terms of growth, remittances increased by 16.9% (y/y) in September, while on an m/m basis, inflows were increased by 0.5%.
· Cumulatively, at $8.0 billion, remittances grew by 12.5% during the first quarter of this year over the same period last year.
· Remittance inflows during September 2021 were mainly sourced from Saudi Arabia ($691 million), United Arab Emirates ($502 million), United Kingdom ($370 million) and the United States ($245 million).
· Proactive policy measures by the Government and SBP to incentivize the use of formal channels, curtailed cross‐border travel in the face of COVID‐19, altruistic transfers to Pakistan amid the pandemic, and orderly foreign exchange market conditions have positively contributed towards the sustained improvement in remittance inflows since last year.