Remittances surge 11.3pc to $15.8bln in six months

KARACHI, January 14: Foreign remittances grew by 11.3 percent during the first half of the current fiscal year 2021-22 to $15.8 billion as compared to $14.20 billion received over the same period last financial year.According to the data released by the State Bank of Pakistan (SBP) on Friday, remittances from overseas workers increased 3.4% on a year-on-year basis, amounting to $2,520 million in December 2021.With $2.5 billion of inflows during December 2021, remittances continued their strong impetus of remaining above $2 billion since June 2020, added the central bank. On a monthly basis, remittances increased 2.5 percent as compared to $2,459.7 million recorded in November 2021.Saudi Arabia was the largest contributor to Pakistan’s remittance inflows. The inflow increased by 2%, $4.034 billion in July-December of FY22, compared to $3.955 billion in the same period of the previous fiscal year.During the period under review, remittances from the US, UK and UAE increased by 24%, 14.4% and 1.8%, respectively. Pakistan received remittances amounting to $1.493 from the US, $2.146 billion from the UK, and $3.008 billion from the UAE during the first six months of this fiscal year. – TLTP