Remittances surge 19% to $2.27bn in January 2021

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KARACHI: Receiving remittances over $2 billion for six consecutive months, the State Bank of Pakistan (SBP) recorded inflows worth $2.27 billion in January 2021, marking a surge of 19%.

The remittances received in January 2020 were recorded at $1.9bn.

Moreover, the volume of remittances in the first seven months (Jul-Jan) of the current fiscal year grew by 24% and reached $16.47bn as compared to the volume of $13.27bn same periods of last year.

In the light of surging remittances, the SBP has readjusted its targets of receipts to $24-25bn for FY21 in January. Previously, the projections were estimated to be around $23-24bn.

Moreover, the projections of the current account deficit have also been altered and stand at 0.5-1.5% of GDP against the earlier estimates of 1-2.0% of GDP.

The construction and real estate sector of Pakistan are the major recipients of the remittances of overseas Pakistanis.


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