Remittances grow by 29pc to record $24.2bn in 10 months

ISLAMABAD: The workers’ remittances surpassed previous records, reaching $24.2 billion during the first 10 months of the current fiscal year, showing growth of 29 per cent over the same period of last year.

The remittances during July-April (2020-21) also crossed the total remittances of the last fiscal year (2019-20) by over $1 billion, according to latest data released by the State Bank of Pakistan (SBP).

During the month of April 2021, the workers’ remittances rose to an all-time monthly high of $2.8 billion, 56 per cent higher than the remittances of the same month of last year.

The remittance inflows during July-April (FY2020-21) were mainly sourced from Saudi Arabia ($6.4 billion), United Arab Emirates ($5.1 billion), United Kingdom ($3.3 billion) and the United States ($2.2 billion).

Proactive policy measures by the government and the SBP to encourage more inflows through formal channels, curtailed cross border travel in the face of Covid-19, altruistic transfers to Pakistan amid the pandemic, orderly foreign exchange market conditions and more recently Eid-related inflows have contributed to record levels of remittances this year.

Meanwhile, Prime Minister Imran Khan has thanked the overseas Pakistanis for sending record level of remittances. The Prime Minster took to Twitter on Tuesday to thank the expatriates for showing faith in ‘Naya Pakistan’. “I have always believed Overseas Pakistanis to be our greatest asset… Thank you for your faith in Naya Pakistan,” he said.

Khan said in April, the remittances by overseas Pakistanis rose to an all-time high of $2.8 billion. “Remitting $24.2bn in first 10 months of FY21, you have broken the record level achieved in entire FY20,” Khan commented.

Separately, China-Pakistan Economic Corridor (CPEC) Authority Chairman Lt Gen (retd) Asim Saleem Bajwa on Tuesday appreciated the SBP and overseas Pakistanis for their contribution in enhancing remittances to a record level.

“Well done State Bank of Pakistan and a big Thank you to overseas Pakistanis. #PakistanMovingForward,” he tweeted.