Workers’ remittances maintain above $ 2 bln level in October

KARACHI, Nov 12 (APP):The workers’ remittances amounted to $ 2.3 billion during October 2020 ; increased by 14.1 percent as compared to October 2019.

This was the fifth consecutive month that the remittances figured reached to above dollars 2 billion.

During the period of July to October2020, the workers’ remittances increased to $9.4 billion, recording growth of 26.5 percent over the same period last year, said SBP statement on Thursday.

A large part of year-on-year increased in October 2020 was sourced from Saudi Arabia (30%) United States (16%) and United Kingdom (14.6 %).

Improvements in Pakistan’s foreign exchange market structure and its dynamics, efforts under the Pakistan Remittances Initiative to formalize the flows and limited cross-border travelling contributed to the growth in remittances.

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