The State Bank of Pakistan (SBP) on Tuesday announced that remittances rose to a historic annual high of $29.4 billion in FY2021 on a cumulative basis.
The surge in remittances has helped improve the country’s external sector position despite the challenging global economic conditions in the past year.
1/2 On a cumulative basis, remittances rose to a historic annual high of $29.4 billion in FY21. This has helped improve the country’s external sector position despite the challenging global economic conditions in the past year. pic.twitter.com/BHsiHl5126
— SBP (@StateBank_Pak) July 13, 2021
The central bank said that remittances registered a substantial 27 percent growth in FY-2021 over the last year, the fastest rate of expansion since FY-2003.
It is pertinent to note that remittances continue exceeding $2 billion consecutively for 12 months, a first in the country’s history and $26.7 billion amount received during July 2020-May 2021 is 29.4 percent more than in the previous year.
Earlier, the SBP said that total liquid foreign reserves held by the country stood at US$24.41 billion as of July 02, 2021.