The overseas Pakistanis sent record 24.2 billion dollars remittances during the first ten months of the current fiscal year and workers’ remittances rose to an all-time monthly high of $2.8 billion in April 2021, disclosed the State Bank of Pakistan (SBP) in a Tweet on Tuesday .
The workers remittances grew 56 percent higher than during the same month last year.
Workers’ remittances continue to surge, rising to an all-time high of $2.8bn in Apr21, 56% higher than a year ago. At $24.2bn during Jul-Apr FY21, up 29% from last year, these have also surpassed the full FY20 level by over $1bn, creating a new record. See https://t.co/7XBd4uNES4 pic.twitter.com/OIqQwlR88q
— SBP (@StateBank_Pak) May 18, 2021
It merits mentioning here that on a cumulative basis, remittances have broken all the previous records. At $ 24.2 billion in July-April FY21, remittances grew by 29% over the same period last year. They have already crossed the full FY20 level by more than $1 billion, according to the SBP.
Thhe 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 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.
Prime Minister Imran Khan has thanked the overseas Pakistanis for sending record 24.2 billion dollars remittances during the first ten month of current fiscal year.
In a tweet today (Tuesday), he said he always believed that overseas Pakistanis to be the country’s greatest asset.
I have always believed Overseas Pakistanis to be our greatest asset. In April, your remittances rose to an all-time high of $2.8bn. Remitting $24.2bn in first 10 mths of FY21, you have broken the record level achieved in entire FY20. Thank you for your faith in Naya Pakistan.
— Imran Khan (@ImranKhanPTI) May 18, 2021
The prime minister said the remittances during the month of April rose to an all-time high of 2.8 billion dollars.