Overseas Pakistanis pay $2bn for seventh month in a row. For the eighth month in a row, monthly payments from Overseas Pakistani employees surpassed $2 billion, a record high.
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According to the SBP, payments received in December accounted for 2.5 percent of total payments received in the previous seven months. In the past, the annual increase was 3.4 percent. On an annual basis, the payouts increased by 11.3 percent to $15.8 billion in the first half of 2021-22. Saudi Arabia ($626.6 million), the United Arab Emirates ($453.2 million), the United Kingdom ($340.8 million), and the United States ($248.5 million) were the primary sources of the most recent payments.
Proactive policy steps by the government and the SBP will, according to the Central Bank, stimulate the use of formal channels and philanthropic donations to Pakistan in the midst of the current economic crisis. The pandemic has made a significant contribution to the continuing influx of remittances that have occurred since last year.
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