Pakistan's remittances stay strong in August

Source: Xinhua| 2020-09-14 18:31:07|Editor: huaxia

ISLAMABAD, Sept. 14 (Xinhua) -- Foreign remittances sent by overseas Pakistanis remained above 2 billion U.S. dollars for the third month in a row in August this year, the State Bank of Pakistan (SBP) said on Monday.

The country received remittances of 2.466 billion U.S. dollars in June, 2.768 billion U.S. dollars in July, and 2.095 billion U.S. dollars in August, according to the SBP.

Over the last three months, remittances reached an unprecedented level of 7.3 billion U.S. dollars, 37.2 percent higher than the same period of last year, according to statistics released by the SBP.

The remittances reached 2.095 billion U.S. dollars during the month of August 2020, showing a 24.4 percent increase over the same month of last year, according to the statistics.

The central bank said that the top three originating countries for remittances in August were Saudi Arabia, the United Arab Emirates and Britain.

On a month-on-month basis, remittances were 24.3 percent lower than the record level of remittances of 2.768 billion U.S. dollars posted in July, mainly reflecting the usual seasonal decline in the post Eid al-Adha period.

Efforts under the Pakistan Remittance Initiative and the gradual reopening of businesses in major host countries contributed to this increase, said the central bank. Enditem