Remittances from overseas Pakistanis maintained the support, exceeding $2billion for the ninth consecutive month.
The remittance inflows for the month of February were recorded at $2.2billion.
According to the State Bank of Pakistan (SBP), the remittances continued tohave exceptional performance in February 2021, reaching $2.26 billion, up24.2 percent, as compared to February 2020 and roughly the same as lastmonth.
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Overall, the remittances rose to an unprecedented $18.7 billion duringJuly-February FY21, up 24.1 percent, as compared to the same period lastyear.
A.A.H Soomro, Managing Director at Khadim Ali Shah Bukhari Securities toldProPakistani,
Remittances continue to keep the economy & currency afloat. Lower travel,more formal channels & job losses keeping the growth much higher! Given thethird wave & lower inoculation, trends should remain positive this fiscalyear. Holidaying/religious tourism is still delayed. Expect a manageablecurrent account and no immediate risks on the currency.
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The handsome inflows of remittances are playing a major role in varioussectors and the economy, chiefly in maintaining the current account surplus.——————————
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With four months left in the current financial year, the remittances areexpected to record all-time high levels, with values likely to touch a markof $28 billion.
This sustained increase in workers’ remittances largely reflects thegrowing use of banking channels that is attributed to continuous efforts bythe Government and SBP to attract inflows through the official channels,limited cross-border travel.
Remittances are largely received from Saudi Arabia, the UAE, the USA, andthe UK.
