KARACHI: The inflows of workers’ remittances registered 27 percent growth during the first five months (July–November) of the current fiscal year. According to data released by the central bank on Friday, during the first five months of FY21, workers’ remittances have reached an unprecedented level of $11.77 billion, 27 percent higher when compared with $9.27 billion in the same period of the last fiscal year. The central bank attributed the growth to the continued government and SBP efforts to formalize remittances under the Pakistan Remittances Initiative (PRI), rising use of digital channels amid limited cross-border travel, orderly exchange market conditions, and some improvement in global economic activity are some of the important factors behind the sustained improvement in workers’ remittances. TLTP
