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Overseas Pakistanis send home $2.4 billion in November
$12.9b remittances in first five months of FY21-22
SAMAA | Samaa Money - Posted: Dec 14, 2021 | Last Updated: 7 hours ago
Overseas Pakistanis send home $2.4 billion in November - SAMAA
$12.9b remittances in first five months of FY21-22
SAMAA | Samaa Money - Posted: Dec 14, 2021 | Last Updated: 7 hours ago
Remittances sent home by Pakistanis living abroad during the month of November reached $2.4billion.
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According to the data shared by the State Bank of Pakistan, remittances sent by the workers abroad have remained over $2 billion mark since June 2020.
The remittances in the month of November increased by 0.6 per cent compared to corresponding month in 2020. However, on month-on-month basis, the remittances saw a decline of 6.6% from $2.7 billion in October.
Where the most remittances came from
Pakistan’s foreign exchange reserves have been under immense pressure due to historic trade deficit. In November, the difference between imports and exports stood at $5.01.
According to the data released by the State Bank of Pakistan on December 10, domestic foreign exchange reserves went up by $2.64 billion to stand at $18.65 billion while funds held by commercial banks increased to $6.5 billion, taking Pakistan’s cumulative forex reserves to $25.15 billion.
The increase came after Pakistan received $3 billion from the Saudi Fund for Development under an economic deal signed between the two countries.
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According to the data shared by the State Bank of Pakistan, remittances sent by the workers abroad have remained over $2 billion mark since June 2020.
The remittances in the month of November increased by 0.6 per cent compared to corresponding month in 2020. However, on month-on-month basis, the remittances saw a decline of 6.6% from $2.7 billion in October.
Where the most remittances came from
Country | Amount |
Saudi Arabia | $590 million |
UAE | $452.5 million |
UK | $305.8 million |
US | $237.8 million |
According to the data released by the State Bank of Pakistan on December 10, domestic foreign exchange reserves went up by $2.64 billion to stand at $18.65 billion while funds held by commercial banks increased to $6.5 billion, taking Pakistan’s cumulative forex reserves to $25.15 billion.
The increase came after Pakistan received $3 billion from the Saudi Fund for Development under an economic deal signed between the two countries.