LAHORE: The State Bank of Pakistan (SBP) in collaboration with Ministry of Planning, Development and Special Initiatives (MPD&SI) has conducted a short survey on recent remittances trend, said banking industry sources.

According to sources, the purpose of this short survey is to seek feedback from Overseas Pakistanis on the recent remittance trends.

They said the information collected through survey is being used in aggregation and will only be utilized as input for policy making to increase facilitation in remittances through banking channels. Furthermore, they said, the central bank has assured the Overseas Pakistanis that their personal information would be kept confidential and would not be used for any other purpose. This survey is of national importance, as the remittances from the Overseas Pakistanis have played a vital role in shaping up the economy of the country. In July 2021, remittances touched $2.707 billion against $2.688 billion in June 2021.

State Bank of Pakistan updates remittances data on monthly basis. The data had touched an all-time high of $2.778 billion in April 2021 and a record low of $9.470 million in July 1972.

Copyright Business Recorder, 2021