ISLAMABAD: Remittance inflows from Saudi Arabia and the United Arab Emirates (UAE) helped Pakistan sustain monthly inflows of around $2.7 billion, the central bank said on Friday.
This is the sixth consecutive month when Pakistan records inflows of around $2.7 billion on average, and the 15th consecutive month they have been above $2 billion.
“Workers’ remittances continued their strong trend, reaching $2.66 billion in August 2021,” the State Bank of Pakistan (SBP) said in a statement.
“Remittance inflows during August 2021 were mainly sourced from Saudi Arabia ($694 million), United Arab Emirates ($512 million), United Kingdom ($353 million) and the United States ($279 million).”
Inflows in August were marginally lower than in July, reflecting the usual post-Eid slowdown, SBP said. In terms of growth, however, they increased by 26.8 percent year-on-year, which is a decade-high growth rate for that month.
Pakistan’s remittances soared to a historic annual high of $29.4 billion in the last fiscal year, with 47 percent or $13.78 billion originating from Saudi Arabia and the UAE, which host millions of Pakistani expats.
