Remittances to Pakistan hit record

Remittances from Pakistani workers employed abroad hit the highest level for a single month in July, officials said on Monday, increasing 36.5 per cent year on year, mostly thanks to less spending on Haj pilgrimages because of the coronavirus pandemic.
The global economic slowdown had raised fears that remittances, key to the country’s dwindling foreign exchange reserves, would decline given falling employment in countries from where most of the money is sent — particularly Saudi Arabia and the United Arab Emirates.
But July remittances rose to $2.768 billion, the State Bank of Pakistan said, adding the increase was up 12.2pc from June, when remittance numbers were also high.

Continue reading at: Dawn

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