Pakistan’s remittances continue strong trend, remain over $2bn in Sept

The trend of strong workers’ remittances continues in September as they remained above $2 billion for the fourth consecutive month.

They increased to $2.3 billion, 31.2 percent higher than the same month last year and 9 percent higher than in August.

Prime Minister Imran Khan has said despite Covid-19, there are good news for our economy. “Alhamdulillah, remittances from our hardworking overseas Pakistanis rose to $2.3 bn in Sept 2020, 31% higher than last Sept & 9% higher than August 2020. This marks the 4th consecutive month that remittances have remained above $2bn,” said PM Khan in a tweet on Monday.

On a cumulative basis, remittances rose to a record $ 7.1 billion in Q1-FY21, 31.1 higher than the same period last year. The level of remittances in September was slightly higher than SBP’s projections of $ 2 billion.

“Efforts under the Pakistan Remittances Initiative (PRI) and the gradual re-opening of major host destinations such as Middle East, Europe and United States contributed to the sustained increase in workers’ remittances,” said SBP in a statement.

The remittances in the month of August reached $2.095 billion, which is 24.4 percent higher than during the same month last year and was largely in line with SBP projections.