Pakistan received more than US$ 2 billion in remittances in the month of October from Pakistani expatriates across the globe.
Oversees Pakistani sent US$ 2.28 billion in remittances in October 2020 last month – an increase of 14 per cent as compared to that of October 2019 last year.
According to statistics provided by State Bank of Pakistan, foreign inflows reflected an increase of 26.57 per cent amounting to US$ 9.43 billion in July-October time period.
Pakistan had received US$ 7.45 billion during the same duration in 2019 last year.
Receipt of workers’ remittances remains on the higher side as overseas Pakistanis continue to send money through official banking channels…due to restricted international travel (in an effort to contain the Covid-19 pandemic around the globe),” said Muzammil Aslam – CEO Tangent Capital Advisers.
According to Muzammil Aslam, prior to COVID-19 pandemic, Pakistanis brought remittances in cash when they visited the country. The remittances have reflected a continuous increase due to rupee-dollar exchange rate and increased transfer commission for international and domestic financial institutions as per the State Bank’s Remittances Initiative (PRI).
The fact that government is exercising extensive vigilance over illegal transfers both to and from Pakistan in order to be excluded from Financial Action Task Force’s (FATF) grey list has also contributed to significant surge in remittances as people are now sending money via official channels, said Aslam.
Meanwhile, more than 40,000 Pakistanis have so far opened Roshan Digital Account (RDA) in Pakistani banks to send remittances back to Pakistan.
The total remittances in FY21 are expected to reach US$ 25.5 billion as compared to that of last year’s US$ 23.10 billion.
