Remittances hit all-time high in first 6 months of FY 2021-22

Remittances hit all-time high in first 6 months of FY 2021-22

Karachi (Web Desk): Remittances from Pakistani workers employed abroad surged to $15.8 billion in the first six months of this fiscal year, 11.3% higher than a year earlier.

The State Bank of Pakistan (SBP) data shows, remittances from Saudi Arabia rose 2% to $4.034 billion in July-December FY2022. These inflows contributed 25% to the overall remittances in the period under review.

Pakistani citizens working in the UAE sent home $3 billion in six months of FY2022, compared with $2.956 billion in the same period last year. Remittances from the UK rose 14% to $2.147 billion.

The money sent home by migrant workers in the US stood at $1.494 billion. That compared with $1.205 billion a year ago.

With $2.5 billion of inflows during December 2021, workers’ remittances continued their strong impetus of remaining above $2 billion since June 2020, the SBP said in a statement.

In terms of growth, remittances increased by 2.5% month-on-month and 3.4% year-on-year in December 2021, it added. Proactive policy measures by the government and SBP to incentives the use of formal channels and altruistic transfers to Pakistan amid the pandemic have positively contributed towards the sustained inflows of remittances since last year, the statement read.