KARACHI: Workers’ remittances maintained strong momentum in November, staying above $2 billion for a record sixth consecutive month, the State Bank of Pakistan (SBP) said on Friday.
According to figures released by the central bank, remittances rose to $2.34 billion during the month under review, 2.4 per cent up as compared to the previous month and 28.4 per cent up when compared with November 2019.
Also Read: Pakistan’s foreign reserves rise $160 million to $20.4 billion
In aggregate, the SBP said, remittances rose to an unprecedented level of $11.8 billion during the Jul-Nov period of the present fiscal year, 26.9 per cent higher than the same period last year.
“This significant growth reflects continued government and SBP efforts to formalize remittances under Pakistan Remittances Initiative (PRI), growing use of digital channels amid limited international travel, orderly exchange market conditions and improved global economic activity,” the central bank said in a statement.
Also Read: FBR collected Rs22b in income taxes as filing season concludes Dec 8
Pakistan had received $2.3 billion on account of workers’ remittances during October 2020, about the same as September but 14 per cent higher than last year’s corresponding period.
The post Workers’ remittances rise to ‘unprecedented’ $11.8bn during Jul-Nov appeared first on ARY NEWS.
from ARY NEWS https://ift.tt/376T1PC
0 Comments