(Health): Workers’ remittances remain strong in August

Karachi

Karachi:State Bank of Pakistan said on Monday that in August, workers’ remittances remained above $2 billion for the third month in a row.

They reached $ 2.095 billion, which is 24.4 percent higher than during the same month last year and largely in line with SBP projections. Over the last three months, remittances reached an unprecedented level of $7.3 billion, 37.2 percent higher than the same period last year.

Efforts under the Pakistan Remittances Initiative (PRI) and the gradual re-opening of businesses in major host countries such as Middle East, Europe and United States contributed to this increase.

The top three originating countries for remittances in August were: Saudi Arabia ($0.593 billion), UAE ($0.410 billion) and UK ($0.302 billion). On a m/m basis, remittances were 24.3 percent lower than the record level of remittances of $ 2.768 billion posted.