Remittances for hit the highest level for the month of July, data showed on Monday, increasing 36.4 per cent compare to last year. This was mainly due to less spending on Haj pilgrimages because of the COVID-19 pandemic restrictions.
The global economic slowdown had raised fears that remittances, key to the country's dwindling foreign exchange reserves, would decline given falling employment in countries from where most of the money is sent - mostly Saudi Arabia and the United Arab Emirates UAE.
July remittances rose to $2.768 billion, the State Bank of Pakistan said in a statement, addition that the increase was up 12.2% from Month of June, when remittance numbers were high in total numbers.
Prime Minister of Pakistan Imran Khan tweeted that. “Remittances from overseas Pakistanis reached $2768 million in July 2020, highest ever amount in one month in the history of Pakistan” which is good news for Pakistan economy
More good news for Pak economy. Remittances from overseas Pakistanis reached $2,768 mn in July 2020, highest ever amount in one month in the history of Pakistan. This is 12.2% increase over June 2020 and 36.5% increase over July 2019.
“Given the impact of Covid-19 globally, this increase in workers remittance is encouraging,” the SBP said in a statement.
Remittances from Middle East, UK and other countries rose as from Kingdom of Saudi Arabia in month of July to $821.6 millions, United Arab Emirates $538.2 millions, United Kingdom UK $393.9 million and United States OF America $250.6 million.
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