Karachi, August 10, 2021 (PPI-OT):With inflows of $2.71 billion in July 2021, workers’ remittances continued their strong trend, remaining above $2.0 billion for the 14th consecutive month. This is the second-highest ever level of remittances reported in the month of July.

In terms of growth, remittances increased by 0.7 percent over previous month and showed a decline by 2.1 percent over the same month last year. This marginal y/y decline was largely on account of Eid-ul-Adha, which resulted in fewer working days this July compared to last year.

Remittance inflows during July 2021 were mainly sourced from Saudi Arabia ($641 million), United Arab Emirates ($531 million), United Kingdom ($393 million) and the United States ($312 million).

Proactive policy measures by the Government and SBP to incentivize the use of formal channels, curtailed cross-border travel in the face of COVID-19, altruistic transfers to Pakistan amid the pandemic, and orderly foreign exchange market conditions have positively contributed towards the sustained improvement in remittance inflows since last year.

For more information, contact:
Chief Spokesman,
State Bank of Pakistan (SBP)
Central Directorate
I.I. Chundrigar Road, Karachi, Pakistan
Tel: +92-21-111-727-111
Tel: +92-21-39212562
Fax: +92-21-39212433 – 39212436
Email: chief.spokesperson@sbp.org.pk
Website: www.sbp.org.pk