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Remittances to Pakistan top $2 billion for fourth month

KARACHI, Pakistan: Remittances from Pakistani workers employed abroad increased to $2.3 billion in September, a 31.2% rise year-on-year and up 9% compared to the previous month, the country's central bank said on Monday. Remittances remained above $2 billion for a fourth consecutive month, capping a higher than expected inflow of finances in the first quarter of FY2020-21 for the South Asian nation, which has struggled with current account deficits and a depreciating currency.

The level of remittances in September was slightly higher than SBP's projections of $2 billion," the State Bank of Pakistan said in a statement, adding that first quarter figures were 31.1% higher year on year. Multiple factors contributed to the increase, including Pakistan's crackdown on illegal channels,

News source ~ Economic Times