Workers’ remittances continue to rise

KARACHI:State Bank of Pakistan has said that workers’ remittances remained above $2 billion for the fourth consecutive month in September.

They increased to $2.3 billion, 31.2 percent higher than the same month last year and nine percent higher than in August, said the central bank in a statement on Monday.

On a cumulative basis, remittances rose to a record $ 7.1 billion in Q1-FY21, 31.1 higher than the same period last year. The level of remittances in September was slightly higher than SBP’s projections of $ 2 billion.

Efforts under the Pakistan Remittances Initiative (PRI) and the gradual re-opening of major host destinations such as Middle East, Europe and United States contributed to the sustained increase in workers’ remittances, said SBP.