PM hails 'good news' as September remittances jump 31pc over last year
Prime Minister Imran Khan on Monday hailed a jump of 31.2 per cent in remittances for September, terming it "good news for the economy".
Pakistan received remittances of $2.3 billion in September driven by gradual re-opening of major host destinations such as the Middle East, Europe and the United States, data released by the State Bank of Pakistan (SBP) showed on Monday.
Remittances in September remained above the $2bn-mark for the fourth consecutive month in a row and were 31.2pc higher than the same month last year and 9pc higher than in August.
Cumulatively, inflows during July-September jumped 31.1pc year-on-year to $7.174bn compared to $5.452bn in the corresponding period last year.
“Despite Covid, more good news for our economy. Alhamdulillah, remittances from our hardworking overseas Pakistanis rose to $2.3bn in September 2020, 31pc higher than last September and 9pc higher than August 2020. This marks the fourth consecutive month that remittances have remained above $2bn,” the premier said via Twitter.
The central bank said remittances in September were slightly higher than the SBP’s projections of $2bn supported by efforts under the Pakistan Remittances Initiative (PRI).
“The higher remittances are largely due to expats sending money home during difficult times amid Covid-19 along with limited avenues to spend in host countries (due to lockdowns),” said Topline Securities’ Chief Economist Syed Atif Zafar while speaking to Dawn.
Saudi Arabia emerged as the top destination for remittances as Pakistani overseas workers from the country sent around $666 million during September, an increase of 29pc year-on-year. Meanwhile, inflows from the United Arab Emirates rose 12pc over last year to $473m during the month under review.
In addition, remittances from the United States and the United Kingdom also jumped by 54pc and 64pc to $180m and $289m, respectively.