Remittances increase 24pc to $16.4bn in seven months

KARACHI: The inflow of workers’ remittances into the country witnessed 19pc increase in January 2021, as compared to the same month of the previous year, data released by the State Bank of Pakistan (SBP) on Monday showed.

Workers’ remittances were recorded at $2.3 billion in Jan 2021 as compared to the inflow of $1.907 billion in Jan 2020. This was 8th straight month where remittances remained above $2 billion.

On a cumulative basis, remittances surged 24pc YoY to $16.476 billion in July-January FY21, as compared to $13.28 billion in 7MFY20.

Country-wise details showed that the highest inflows in Jan 2021 came from Saudi Arabia, as Pakistan received $553 million during the month against $531.6 million in January 2020 and $624 million in December 2020.

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From the UAE, the country received $492.5 million in January 2021 against the inflows of $463.5 million in the same month of last year.

Overseas Pakistanis living in the USA dispatched $203.2 million as compared to $148.8 million in January last year, whereas from the UK, workers’ remittances were recorded at $303 million against the $201 million.

Similarly, cash inflow from European Union countries jumped from $142 million in January 2020 to $228.8 million in January 2021.

From other GCC countries, including Bahrain, Kuwait, Qatar and Oman, inflows increased to $271.2 million as compared to $260 million in January 2020.

From Australia, workers’ remittances jumped by about around 89pc, from $27.4 million to $51.9 million.

Likewise, workers’ remittances in the corresponding month from Malaysia, Norway, Switzerland, Canada, and Japan stood at $14.9 million, $8.5 million, $4.3 million, $47.6 million, and $6.2 million, respectively.

RECORD INCREASE 

Meanwhile, Prime Minister Imran Khan earlier today lauded overseas Pakistanis for a record increase in remittances in 2021 as compared to last year.

“Remittances from overseas Pakistanis were $2.27 bn in Jan, up 19% over Jan 2020 – 8th consecutive month of remittances above $2b,” the premier said in a Twitter post.

“To date in this fiscal year they are up 24% compared to last year,” he informed. “This is a record for our country and I thank our overseas Pakistanis.”

Moreover, in a separate tweet, the premier noted that the industrial sector was witnessing a significant growth.

“Good news from industrial sector also, showing sustained growth,” he said. “Large scale manufacturing saw another double digit growth month in December 2020 – 11.4% growth vs Dec 2019. The cumulative July to Dec growth [is] above 8% now.”

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