The State Bank of Pakistan says remittances last month exceeded US 2 billion for the eighth consecutive month, up 19% from January last year.
According to the details, in a tweet from the SBP on the social networking website Twitter, it was said that remittances last month have been more than 2 billion US dollars for the eighth consecutive month. The SBP said remittances stood at 2. 2.3 billion in January 2021, up 19 percent from January 2020. Remittances in January were slightly lower than in December at 2.4 billion.
SBP is the remittances from January to July to $ 16.5 billion, 24 percent more than last year, the bulk of remittances from Saudi Arabia, from January to July of $ 4.5 billion. During this period, remittances of 3.4 billion were received from the United Arab Emirates. Remittances of 2.2 billion were received from the United Kingdom and 4 1.4 billion from the United States.
The SBP said the steady rise in remittances was largely a reflection of the growing use of banking resources. Efforts by the government and the SBP are involved in promoting remittances from formal sources. The SBP added that the second wave of Corona was also interfering with the limited travel and flexible exchange rate system.