ISLAMABAD: Despite recording a decline in the remittances from the overseas Pakistanis during the current month, the cumulative remittances have gone up by 12 per cent from last year during the same period.
So far, $10.6 billion worth of remittances have been recorded during July-October. The State Bank of Pakistan (SBP) announced on Twitter on Sunday that the “remittances continued their strong streak, rising by 10pc from October 20”.
Remittances were growing at 12.5pc until end-September but a decline in remittances in October meant that the overall remittances were capped at 12pc.
It is pertinent to mention here that the remittances have not fallen below $2bn since June 2020. Pakistan has long been facing the problem of higher current account deficit. But, the remittances have, somewhat, supported the country’s economy from collapsing altogether.