Karachi: Remittances sent by Pakistanis abroad reached the highest monthly level in July 2020.
According to the State Bank of Pakistan, remittances from Pakistanis abroad amounted to 76 2.76 billion in July. the highest level of remittances to Pakistan in a single month. In terms of growth, remittances have increased by 36.5% as compared to July 2019 (year on year) and 12.2% as compared to June 2020. This increase in worker remittances is encouraging given the global impact of the.
According to the central bank, the highest remittances in July 2020 were سعودی 821.6 million from Saudi Arabia, 53 538.2 million from the United Arab Emirates, کروڑ 393.9 million from the United Kingdom and 25 256 million from the United States.
According to the data, the growth rate of remittances is almost double that of Eid-ul-Adha during the last decade compared to the same month last year. So far, a number of factors have potentially boosted remittance growth, including the regulated exchange rate situation and policy measures by the SBP and the federal government under the Pakistan Remittance Initiative.
These include the ‘Telegraphic Transfer (TT) Charges Reimbursement Scheme’, which lowers the limit for transactions from 200 200 to تیز 100, speeds up digital channels, and promotes formal remittance channels. Includes targeted marketing campaigns.
In order to improve the quality of statistics and to better reflect the country to which the sender resides, the method of compiling workers’ remittances by country has been improved from this month. Therefore, trends for each country will be available on an equal basis for August 2020 and beyond.
Importantly, the new method of data collection does not affect the reporting of remittances to Pakistan. According to the SBP, the revised figures do not necessarily suggest that remittances from one country to another have outpaced remittances. This indicates that remittances are now coming to the record with greater accuracy from which countries the remittances are coming from.