Remittances inflows in September as per SBP

State Bank of Pakistan though its Press Release on 8th October shared the statistics of remittances being received  during the of September with $2.7 billion inflows.

Worker’s remittances continued their strong momentum since 2020 and showed its uptrend.t

As per SBP press release this is the 7th straight month when inflows recorded around $2.7  billion on average.

If we analyze it in terms of its growth, remittances increased by 16.9% (year to year) in September, whereas if we see it on month to month basis inflows rose by 0.5 %.

On the whole they stood at $8.0 billion, remittances expanded by 12.5 % during the first quarter of this year over during the same period last year.

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Following are the 4 main countries which were the main remittance sender’s during the months of September 2021;-

1. Saudi Arabia $691 million.

2.United Arab Emirates $502 million.

3.United Kingdom $370 million.

4.United States $245 million.

Since last year due  Covid-19 pandemic and proactive policy by the Government and SBP to incentivize the use of formal channels, Launch of Roshan Digital Account also attracted many overseas Pakistanis to open their Bank Account through a simplified Account opening process which enables them transfer money through online banking.

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