Pakistan's September remittances jump 31 pct year-on-year

2020-10-13 08:16

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ISLAMABAD, Oct. 12 (Xinhua) -- Pakistan witnessed a 31 percent increase in foreign remittances in September on a year-on-year basis, the country's central bank said on Monday.

The remittances remained over two billion U.S. dollars for the fourth month in a row. In September, the remittances were 2.3 billion U.S. dollars, 9 percent higher than August on month-on-month basis, the State Bank of Pakistan said.

"The level of remittances in September was slightly higher than SBP's projections of 2 billion U.S. dollars," the central bank said in a statement, adding that efforts under the Pakistan Remittance Initiative and the gradual reopening of major host destinations such as the Middle East, Europe and the United States contributed to the sustained increase in workers' remittances.

The country's Prime Minister Imran Khan hailed the increase in the remittances, and shared the "good news" on Twitter by saying that despite the challenges posed by COVID-19, remittances from the "hardworking" overseas Pakistanis keep on growing.

Remittances play an important role in Pakistan's economy as they are one of the major sources of foreign exchange.
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