Remittances remain above $2bn for sixth consecutive month

Pakistan maintained a strong momentum in workers' remittances, crossing the $2-billion mark for the sixth consecutive month in November, State Bank of Pakistan (SBP) reported on Friday.

Workers' remittances increased 28.4pc year-on-year to $2.34 billion in November 2020, pushing the cumulative flows to $11.8 billion during the July-November FY21, with a rise of 26.9pc compared to same period last year.

1/2 Workers’ remittances maintained their strong momentum in November, remaining above US$2 billion for a record 6th consecutive month. They rose to US$2.34 billion, up 2.4% over the previous month and 28.4% over November 2019. pic.twitter.com/BlTqCyOG4y

— SBP (@StateBank_Pak) December 11, 2020

“This significant growth reflects continued government and SBP efforts to formalise remittances under Pakistan Remittances Initiative (PRI), growing use of digital channels amid limited international travel, orderly exchange market conditions and improved global economic activity,” said the central bank.