Karachi December 13 2021: With USD 2.4 billion of inflows during November 2021, workers’ remittances hit nine month low since February 2021.
On Month on Month basis, remittances dropped by 7 percent due to 10 percent decline in flows from Saudi Arabia.
However, remittances continued their strong streak of remaining above USD 2 billion since June 2020.
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In terms of growth, on y/y basis, remittances increased by 0.6 percent in November 2021, while they declined by 6.6 percent on m/m basis.
Cumulatively, at USD12.9 billion, remittances grew by 9.7 percent during the first five months of FY22 over the same period last year.
Remittances inflows during November 2021 were mainly sourced from Saudi Arabia ($590 million), United Arab Emirates ($452.5 million), United Kingdom ($305.8 million) and the United States of America ($237.8 million).
Proactive policy measures by the Government and SBP to incentivize the use of formal channels and altruistic transfers to Pakistan amid the pandemic have contributed towards the sustained inflows of remittances since last year.
