KARACHI: Workers’ remittances in February didn’t fail the government as the flux stood at around$2.2 billion, showing a growth of two per cent month-on-month.
Still, the flux witnessed a time-on- time growth of7.6 pc during the first eight months (July-February) of 2021-22.
The State Bank of Pakistan (SBP) on Thursday issued the rearmost data of remittances showing a 2pc growth in February on a month-on-month base. Still, it fell by2.7 pc in February when compared with the same month last time.
The country entered$20.141 bn in remittances during the first eight months of the current financial time compared to$18.7 bn during the same period last financial, showing a growth of7.6 pc.
Pakistan expects to admit around$ 30bn in the current financial time. The quantum is advanced than the import proceeds. Still, the ongoing Russia-Ukraine conflict, which has formerly led to an extravagant increase in the prices of canvas and other goods in transnational requests, could be more painful for canvas- importing countries like Pakistan and further foreign exchange would be demanded.
Pakistan is getting canvas from Saudi Arabia on remitted payments which have saved a big quantum of foreign exchange. Still, despite this favour, the country’s foreign exchange reserves have been declining since August 2021.
The country entered the loftiest quantum of$5.132 bn from Saudi Arabia, with a growth of2.6 pc during eight months of FY22. The growth was19.3 pc during the same period last financial time.
Though the remittances from the United Arab Emirates declined by 4pc to$3.768 bn, it was still the second biggest flux for Pakistan. Last time’s flux from the UAE was 6pc advanced. An flux of$2.322 bn was entered from other GCC countries, with a growth of8.5 pc. The growth last time was5.7 pc.
Against a veritably high growth of56.6 pc in eight months of FY21, the flux from the United Kingdom during the current financial time recorded a growth of10.3 pc to$2.786 bn.
The flux from the United States was also veritably high last time with a growth rate of46.5 pc, but this time remittances showed an increase of18.2 pc to$1.911 bn.
In recent times, the remittances from the European Union took a prominent place in the list of the countries transferring around$ 2bn. The remittances from the EU stood at$2.224 bn during July-February FY22, an increase of30.4 pc. The growth in FY21 was45.7 pc.
Australia and Canada also surfaced as important destinations for remittances. The inrushes from the two countries were$ 492 million and$ 440m, independently. The growth in inrushes from Australia dropped to 26pc this time against 88pc during the same period last time. The flux from Canada recorded a growth of30.4 pc against 80pc last time.
