Workers' remittances up 14.1% to $2.3bln in October

Workers’ remittances up 14.1% to $2.3bln in October

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Karachi: Workers’ remittances remained above US$2 billion for the fifth consecutive month in October 2020.

According to a statement issued by the National Bank of Pakistan (SBP), as of October 2020, workers’ remittances totaled US$2.3 billion, an increase of 14.1% from October 2019.

Between July 21 and FY10, workers’ remittances increased to US$9.4 billion, an increase of 26.5% compared to the same period last year.

A large part of y/y increase in October 2020 was sourced from Saudi Arabia (30 percent), United States (16 percent) and United Kingdom (14.6 percent).

SBP said that improvements in Pakistan’s FX market structure and its dynamics, efforts under the Pakistan Remittances Initiative (PRI) to formalize the flows and limited cross-border travelling contributed to the growth in remittances. 

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