Remittances to Pakistan exceed $ 2 billion for eighth consecutive month

Al Ansari Money Exchange, Dubai. Image Credit: Photo Virendra Saklani / Gulf News

Islamabad: Pakistanis working overseas sent more than $ 2 billion for the eighth consecutive month in January, with Saudi Arabia and the United Arab Emirates emerging as the top contributors to remittances in recent months.

Prime Minister Imran Khan said in a tweet that this was a record for Pakistan and thanked the diaspora for maintaining the lifeline of remittances. Remittances in January 2021 were recorded at $ 2.3 billion, up 19% from the previous year, the country’s central bank said. However, inflows fell slightly from December 2020, when the figure hit $ 2.4 billion.

Top contributors in the last 6 months

Pakistanis living and working in Saudi Arabia and the United Arab Emirates contributed the highest inflows in FY21 (July 2020 to January 2021), reaching $ 7.9 billion collectively. The top four countries that have contributed the most to recent Pakistani remittances over the past six months are:

1. Saudi Arabia ($ 4.5 billion)

2. United Arab Emirates ($ 3.4 billion)

3. United Kingdom ($ 2.2 billion)

4. United States ($ 1.4 billion)

Overall, workers’ remittances reached $ 16.5 billion during July-January FY21, registering a 24 percent increase over the same period last year, said Bank of State of Pakistan (SBP).

The main factors

Multiple factors have contributed to the continued increase in remittances to Pakistan. The central bank said that the sustained increase in workers’ remittances generally reflects the growing use of the banking channel which is attributed to the continued efforts of the government and the SBP to attract inflows through official channels. Financial experts say travel restrictions due to the COVID-19 pandemic, the use of digital apps to transfer money, and a flexible exchange rate regime have also boosted remittances.

Pakistani crackdown on illegal money transfer channels (Hawala / Hundi) following recommendations from the international financial watchdog, the Financial Action Task Force (FATF), is also seen as crucial to keeping a record of transactions.

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