Pakistan's remittances remain above $2b for sixth consecutive month

Pakistan maintained a strong momentum in workers’ remittance for a the sixth consecutive month in November with over $2billion, the State Bank of Pakistan (SBP) reported on Friday.

Workers’ remittance increased 28.4% year-on-year in November 2020, pushing the cumulative flows to $11.8 billion during the July-November FY21 with a rise of 26.9% compared to same period last year.

“This significant growth reflects continued government and SBP efforts to formalise remittances under Pakistan Remittances Initiative (PRI), growing use of digital channels amid limited international travel, orderly exchange market conditions and improved global economic activity,” said the central bank.