KARACHI: Pakistan’s remittance continued to rise after about $2.5 billion were deposited in October, showing a Year on Year (YoY) increase of over 10 percent.
State Bank of Pakistan (SBP), in a tweet on Sunday, said that cumulatively, the remittances have risen to $10.6bn so far in FY22, up 12% over the same period last year.
SBP further said that in addition to remaining above $2 billion since June 2020, this is the eighth consecutive month when remittances have been close to or above $2.5 billion.
Remittance inflows during the first four months of FY22 have mainly been sourced from Saudi Arabia ($ 2.7 billion), UAE ($ 2.0 billion), UK ($ 1.5 billion) and USA ($ 1.1 billion).
At $2.5bn in Oct21, remittances continue their strong streak, rising by 10% from Oct20 and only moderating marginally compared to Sep21. Cumulatively, they have risen to $10.6bn so far in FY22, up 12% over the same period last year. https://t.co/7XBd4uNES4 pic.twitter.com/V4YPd9JAuy
— SBP (@StateBank_Pak) November 14, 2021