Saudi Arabia, UAE remain largest sources of remittances to Pakistan: Central bank

Saudi Arabia, UAE remain largest sources of remittances to Pakistan: Central bank

KARACHI: Saudi Arabia and the UAE remained the biggest sources of remittances to Pakistan with more than $1 billion transferred to the South Asian nation from the two Gulf countries in November, the Pakistani central bank reported on Monday. With $2.4 billion of inflows during the month, workers’ remittances continued their strong streak and have remained above $2 billion since June 2020, according to the State Bank of Pakistan. In terms of growth, the country’s remittances increased by 0.6 percent in November on a year-on-year basis, while declining by 6.6 percent month-on-month. In a statement, the SBP said: “Cumulatively, at $12.9 billion, remittances grew by 9.7 percent during the first five months of FY22 over the same period last year. “Remittance inflows during November 2021 were mainly sourced from Saudi Arabia ($590 million), the UAE ($452.5 million), the UK ($305.8 million), and the US ($237.8 million).” Proactive policy measures to incentivize the use of formal channels and altruistic transfers to Pakistan amid the coronavirus disease (COVID-19) pandemic had contributed toward the sustained inflows of remittances since last year, the central bank added. Pakistan has deep-rooted fraternal ties with Saudi Arabia and the UAE. Around 2.5 million Pakistani expats live in