Good news for Pakistan on the economic front

Good news for Pakistan on the economic front

KARACHI: Workers’ remittances maintained strong momentum in November, staying above $2 billion for a record sixth consecutive month, the State Bank of Pakistan (SBP) said on Friday.

According to figures released by the central bank, remittances rose to $2.34 billion during the month under review, 2.4 per cent up as compared to the previous month and 28.4 per cent up when compared with November 2019.

In aggregate, the SBP said, remittances rose to an unprecedented level of $11.8 billion during the Jul-Nov period of the present fiscal year, 26.9 per cent higher than the same period last year.

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

Pakistan had received $2.3 billion on account of workers’ remittances during October 2020, about the same as September but 14 per cent higher than last year’s corresponding period.

Prime Minister Imran Khan tweeted: “More good news for Pakistan’s economy as workers’ remittances continued to grow in November – remaining above US$2 billion for a record 6th consecutive month. Acc[ording] to SBP they rose to US$2.34 billion, up 2.4% over the previous month & 28.4% over November 2019.”