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Thursday, May 26, 2022
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    HomeBusinessWorkers' remittances continue to remain above $ 2 b in Dec. 2021

    Workers’ remittances continue to remain above $ 2 b in Dec. 2021

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    KARACHI: With an influx of $2.5 billion throughout December 2021, the employees’ remittances continued their sturdy impetus of remaining above $2 billion since June 2020.

    By way of progress, remittances elevated by 2.5 p.c month-on-month and three.4 p.c year-on-year in December 2021, stated assertion problem by State Financial institution of Pakistan right here Friday. Cumulatively, at $15.8 billion, remittances grew by 11.3 p.c through the first half of fiscal 12 months 202-22 over the identical interval final 12 months. The remittance inflows throughout December 2021 had been primarily sourced from Saudi Arabia ( $626.6 million), United Arab Emirates ($453.2 million), United Kingdom ($340.8 million) and United States of America ($248.5 million).

    Proactive coverage measures by the federal government and SBP to incentivize the usage of formal channels and altruistic transfers to Pakistan amid the pandemic have positively contributed in direction of the sustained inflows of remittances since final 12 months. Throughout July-November of the present monetary 12 months, the info of employees’ remittances has been revised upward to mirror inflows into Roshan Digital Accounts (RDA) which might be associated to native consumption corresponding to fee of utility payments, switch to native PKR account, and so on. Since knowledge on these conversions was not beforehand out there by the nation, these had been reported below ‘different personal transfers’ within the steadiness of funds statistics. December 2021 knowledge can be compiled accordingly, and this therapy might be adopted going ahead.


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