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Inward remittances to Pakistan continue to soar as quarterly record breaks

Inward remittances to Pakistan continue to soar as quarterly record breaks

The remittances for the month of September were 21% higher from the same month in the prior year

Remittances from Overseas Pakistanis soared further with a record of more than $2 billion inflows for the fourth successive month. The workers remittances for the month of September surged to $2.3 billion, 31% year over year and a 9% increase from the prior month. Since June, remittances each month have clocked in excess of $2 billion.

During the first quarter of the 2020-21 fiscal year, remittances rose to a record $7.1 billion, a 31% jump from the prior year for the same period. Remittances received from Saudi Arabia were recorded at $2 billion in the first quarter. It is followed by UAE with $1.4 billion. Remittances from the UK and USA stood at $985 million and $632 million respectively for the same period.

Several factors at play

There are several factors have led to this record spree of inward remittances. The government has started a number of initiatives that help people remit money back home. The lower cost of sending funds has helped. Another major reason is the coronavirus as people are sending more money to their loved ones to ensure that they can continue their normal lives despite the economic slowdown in Pakistan.

More inflows are expected in the coming months with issuance of Naya Pakistan Certificate. The Roshan Digital Accounts are also encouraging the overseas Pakistanis to invest in different saving schemes in the country. The continuous increase in the inflow is helping Pakistan in maintaining a favorable current account situation in the country.

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