Remittances remain above $2bn for ninth consecutive month

Workers' remittances remained above $2 billion for the ninth consecutive month in February, according to data released by the State Bank of Pakistan (SBP) on Thursday.

Remittances received in February amounted to $2.266 billion, which was almost at the same level as the previous month and 24.2 per cent higher than the corresponding period of the last fiscal.

Workers' remittances were recorded at $1.82 billion in Feb 2020.

On a cumulative basis, workers' remittances clocked in at $18.7 billion during the first eight months (July-February) of the current fiscal year (FY21), up 24.1pc from the corresponding period of last year. A large part of this inflow was sourced from Saudi Arabia ($5 billion), followed by United Arab Emirates ($3.9 billion), United Kingdom ($2.5 billion), United States ($1.6 billion) and Saudi Arabia ($532.6 million).

Remittences from Dubai, Abu Dhabi, Sharjah, Bahrain, Kuwait, Qatar, and Oman were recorded at $429 million, $51.7 million, $5.2 million, $38.2 million, $71.8 million and $82.3 million, respectively.