KARACHI: Remittances from Pakistani workers employed abroad increased to$2.3 billion in September, a 31.2pc rise Year-on-Year (YoY) and up 9pccompared to the previous month, the country’s central bank said on Monday.
Remittances remained above $2 billion for a fourth consecutive month,capping a higher than expected inflow of finances in the first quarter ofFY2020-21 for the South Asian nation, which has struggled with currentaccount deficits and a depreciating currency.
“The level of remittances in September was slightly higher than SBP’sprojections of $2 billion,” the State Bank of Pakistan (SBP) said in astatement, adding that first quarter figures were 31.1pc higher YoY.
The details show that in September, the worker’s inflow from USA stood at$180.35 million, while an amount of $289.3 million was sent from UnitedKingdom.
Similarly from Saudi Arabia, Dubai, Abu Dhabi, Sharjah, Bahrain, Kuwait,Qatar, and Oman, the workers’ inflow was recorded as $665.8 million, $364.1million, $68.26 million, $68.68 million, and $86.04 million respectively.
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From European countries, Pakistan received $207.33 million whereas fromMalaysia, the Pakistanis sent $16.8 million from Australia $46.7 million,from Canada $39 million and from Japan, an amount of $7 million wastransferred.
Multiple factors contributed to the increase, including Pakistan’scrackdown on illegal channels, Samiullah Tariq, head of research anddevelopment at Pakistan Kuwait Investment Company, told Reuters.
