Remittances maintained upward development in August: PM Imran

PM Imran says remittances for Aug 2020 had been $2.10 billion, translating right into a 24.4% rise as in comparison with final yr. Photo: File

ISLAMABAD: Prime Minister Imran Khan introduced on Monday that the remittances despatched by abroad Pakistanis to the nation maintained their upward development in August 2020. 

The remittances for August 2020 had been $2.10 billion, translating right into a 24.4% rise as in comparison with the identical interval, final yr. This was “in addition to the record $2,768 million in July 2020”, PM Imran mentioned on Twitter.

For the primary two months of this fiscal yr our remittances are up 31% over the identical interval final yr,” he added.

Separately, the State Bank of Pakistan (SBP) in a press launch acknowledged that “workers’ remittances remained above $2 billion for the third month in a row” throughout August 2020, “largely in line” with its projections.

24.3% decrease m/m than July stage

“Over the last three months, remittances reached an unprecedented level of $7.3 billion, 37.2% higher than the same period last year,” it mentioned, noting that the highest three nations from which remittances originated in August had been Saudi Arabia ($0.593 billion), the United Arab Emirates ($0.410 billion), and the United Kingdom ($0.302 billion).

The central financial institution attributed the rise to the efforts made below the Pakistan Remittances Initiative (PRI) and the gradual reopening of companies in main host nations such because the United States, in addition to others within the Middle East and Europe.

However, it underlined that on a month-on-month foundation, remittances had been 24.3% decrease than the document stage in July 2020, “reflecting the usual seasonal decline in the post Eid-al-Adha period”.

Digital banking for Pakistani diaspora

Back in August, PM Imran had shared the document statistics, terming them “more good news” for Pakistan’s economic system. Prior to that, he had appreciated abroad Pakistanis for sending extra remittances by way of banking channels.

A day earlier, Special Assistant to the Prime Minister on Overseas Pakistanis, Sayed Zulfiqar Bukhari, had introduced that the federal government has determined to offer a digital banking facility to the expatriates.

“Overseas Pakistanis will be able to make direct payments and investments in the country,” the premier’s aide had mentioned, including that the initiative can be a terrific funding alternative for the Pakistani neighborhood residing overseas.

Digital banking was a longstanding demand of the Pakistani diaspora, Bukhari had mentioned, noting that the abroad Pakistani neighborhood needed to develop into essential stakeholders within the nationwide improvement of the nation.

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