Remittances received during May 2021 amounted to US $2.5 billion, 33.5 percent higher than the same month last year. These were also higher than the monthly average of US $2.4 billion during July-April FY21. On a month-on-month basis, workers’ remittances fell by 10.4 percent in May 2021 compared to April 2021. This fall was expected as remittances usually slow in the post Eid-ul-Fitr period. As Eid fell in mid-May 2021 with markets closed a week earlier, there was some front-loading of remittances in April 2021. However, the seasonal decline in May 2021 was less the half the average decline observed during FY 2016-2019. In FY 2020, remittances experienced an exceptional rise due to the easing of Covid lockdowns in the post-Eid period in Gulf countries.
On a cumulative basis, remittances surged to US $ 26.7 billion during July – May FY21, higher by 29.4 percent over the same period last year.
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