KARACHI: The State Bank of Pakistan (SBP) has said that remittances rose for the third consecutive month, after which remittances reached an extraordinary level of 7.3 billion dollars.
The State Bank of Pakistan (SBP) said in a statement that remittances from overseas workers remained stable at over $2 billion in August, the third consecutive month when remittances rose 24.4 percent (year-on-year) to 2.095 billion dollars. However, this is largely in line with SBP estimates.
The central bank said remittances reached an extraordinary level of $7.3 billion in the last three months, up 37.2 percent from the same period last year.
The statement said that this steady stabilization in remittances was due to the efforts of the SBP and the Government of Pakistan to encourage remittances through formal channels under Pakistan Remittances. Moreover, the businesses in major corridors such as the Middle East, Europe, and the United States, reflect the effects of the gradual reopening of the businesses in these areas which resulted in rising foreign remittances.
The SBP said remittances from Saudi Arabia ($0.593 billion), the United Arab Emirates ($0.410 billion), and the United Kingdom ($0.302 billion) were significant in August. These remittances were 24.3 percent lower than the record level of $2.768 billion recorded in July, mainly reflecting the normal decline after Eid-ul-Adha.