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Pakistan sees rise in payments for 8th consecutive month

Karachi: According to a recent news report, the State Bank of Pakistan (SBP) reported an uptick in remittances for the eighth consecutive month, stating that figures for January have exceeded the 2 billion US dollars mark due to the combined efforts of the federal government and the central bank.

Read More: December 2020 termed ‘record-breaking month’ for allowances by PM

As indicated by the subtleties uncovered, abroad Pakistanis sent back USD 2.3 billion in January – a flood of 19% from the figures recorded during the exact month in 2020. In January 2020, the inflows remained at USD 1.9 billion. In December 2020, the settlement figures added up to USD 2.4 billion.

The flood is ascribed to the joined endeavours of the officeholder government and national bank. The measures to draw in inflows incorporate the utilization of true channels for cash moves and adaptability presented in the swapping scale.

Read More: Rs. 660 billion worth construction projects to start during current year: PM Khan

The majority of remittances recorded between July 2020 and January 2021 were disbursed from Saudi Arabia, the United Arab Emirates (UAE), United Kingdom (UK), and United States (US). For January 2021, remittance levels from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries stood at USD 553 million, USD 492 million, USD 203 million, USD 303 million, USD 271 million and USD 229 million, respectively.

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