Workers’ remittances remained over $2 Billion in February

For ninth consecutive month, the workers’ remittances from abroad remained above $2 billion in February 2021.

According to State Bank of Pakistan (SBP), on Thursday, workers’ remittances received in last month amounted to $ 2.266 billion; almost at same level of the previous month and 24.2 % higher than of February 2020.

During July 2020 to February 2021, workers’ remittances reached $18.7 billion; 24.1 percent higher than the corresponding period of last year.

A large part of workers ‘remittance inflow during this period was sourced from Saudi Arabia ($5.0 billion), United Arab Emirates ($3.9 billion), United Kingdom ($2.5 billion) and United States ($1.6 billion).

Policy measures undertaken by the government and the SBP to encourage inflows through formal channels, limited cross border travel due to COVID-19, medical expenses and altruistic transfers to Pakistan amidst the pandemic, and orderly exchange market conditions contributed to the sustained rise in workers’ remittances, SBP said.