Saudi Arabia and the United Arab Emirates (UAE) remain top remittancedestinations for Pakistan’s workers in the month of September.
As per the State Bank of Pakistan (SBP) data, Saudi Arabia was the leadingcountry for Pakistani workers, who remitted $665.82 million in September2020 as compared to $515.75mn remitted in the same period last year showingan increase of over 29 percent.
UAE was second on the list, as Pakistani workers remitted $473.01mn inSeptember as compared to $422.44mn remitted in the same month last year,witnessing an increase of almost 12pc.
The United Kingdom emerged as the third biggest source of remittance asPakistani workers remitted $289.29mn in the month of September rising byover 63pc as compared to $176.90mn remitted in the same month last year.
Furthermore, remittances from other GCC countries stood at $261.40mn in themonth of September as compared to $228.51mn remitted in the same periodlast year. Whereas, remittance from EU countries witnessed YoY growth ofover 44pc from $143.72mn recorded in September 2019 to $207.33mn remittedin September this year.
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Pakistan’s remittances increased to $2.3 billion in September 2020, 31.2percent higher than the same month last year, and 9 percent higher than inAugust.
On a cumulative basis, remittances rose to a record $ 7.1 billion inQ1-FY21, 31.1 higher than the same period last year. The level ofremittances in September was slightly higher than SBP’s projections of $ 2billion.