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Pakistan's remittances hit 'highest ever' of $2.76bn in July

Pakistan’s Remittances Hit ‘Highest Ever’ of $2.76bn in July

ISLAMABAD – Remittances from overseas Pakistanis reached $2,768 million in July 2020, the highest ever in a month in the country’s history.
According to the State Bank of Pakistan (SBP), remittances showed an increase of $740 million (or 36.5%) from last July and an increase of $302 million (or 12.2%) from June. This is the highest worker remittances ever in a single month.
July’s healthy annual growth rate is about twice as high as the Eid-ul-Adha seasonality typically experienced over the past decade, suggesting other factors are at play.
Global Corona epidemic in February 2020, remittances increased by 14.3% compared to the same period last year.
Given the impact of Covid-19 around the world, this increase in worker remittances is encouraging, SBP said.
SBP pointed out that several factors have likely supported the growth in remittances to date, including orderly exchange rate terms and policy actions taken by the State Bank and the Federal Government as part of the payment to Pakistan.
These steps include lowering the threshold for eligible transactions from $200 to $100 under the Wire Transfer (TT) Reimbursement Program, an increased push towards digital channel adoption, and targeted marketing campaigns to promote formal channels for sending funds.
In July, large workers’ remittances were received from Saudi Arabia ($821.6 million), the United Arab Emirates ($538.2 million), the United Kingdom ($393.9 million dollars) and the United States of America ($250.6 million).
(Sahar News Monitoring Desk)

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