Imran Khan gestures during an event in Islamabad. File
Gulf Today Report
Remittances received by the country from overseas Pakistanis set another record in December 2020 as inflows stood above $2 billion for the sixth consecutive month.
According to data released by the State Bank of Pakistan (SBP), the amount sent home by expatriate Pakistanis reached $2.436 billion, up 16.2 per cent on a year-on-year basis and 4.2 per cent month-on-month.
Sharing the jump in remittances, Prime Minister Imran Khan said in a tweet: “I want to thank our overseas Pakistanis for yet another record-breaking month of remittances in December $2.4bn. MashaAllah, first time in Pakistan, remittances have been above $2bn for six consecutive months. Total for six months of this fiscal year [is] $14.2bn — a 24.9pc growth over last year.”
Twenty-six per cent of the inflows in December came from Saudi Arabia with overseas Pakistanis based in the country sending home $624.8 million. Inflows from the kingdom have hovered around $600m every month since June 2020.
According to a statement issued by the SBP, the strong growth in workers’ remittances was witnessed due to enhanced use of formal channels on the back of sustained efforts by the government and central bank to encourage inflows through official channels.
It pointed out that limited cross-border travel in the wake of second wave of COVID-19 pandemic coupled with favourable foreign exchange market dynamics was lending additional support.
Recently, the government of Pakistan introduced a number of initiatives to ramp up remittances through official channels and crack down on the illegal Hundi/ Hawala operators.
The State Bank of Pakistan announced on Monday that the remittances remained above $2 billion for 8th straight month as during the corresponding month, the inflow was recorded at $2.3 billion as compared to the inflow of $1.907 billion in January 2020.
In July, sizeable amounts of workers’ remittances were received from Saudi Arabia ($821.6 million), UAE ($538.2 million), UK ($ 393.9 million) and USA ($ 250.6 million).
Prime Minister Imran Khan says the last two years of his life were the toughest, despite having struggled all his life, as Pakistan was facing challenges from all fronts.
“My entire life has been a struggle,” he told Dunya TV channel.
For quite some time, the area became a battleground between the police and protesters. The government servants had planned the protest for the past two weeks and had made announcements to the effect.
The UAE GDP is expected to grow by 2.4 per cent in 2021 and 3.8 per cent in 2022 while the non-oil GDP to expand by around 4 per cent in both years, according to the Financial Stability Report (FSR) released by the Central Bank of the UAE (CBUAE) on Thursday.
The real estate sector in Dubai showed a continuous flow of real estate investments in May 2021, recording 5,359 investments worth over Dhs11 billion. In addition, 11,387 new investors entered the market,
European and US stocks pulled in different directions on Thursday as traders digested the Federal Reserve bringing forward its forecasts for hiking interest rates to prevent the US economy from overheating.