Pakistan: Workers’ remittances set new monthly mark

Pakistan: Workers remittances

Despite the COVID-19 pandemic, workers’ remittances in Pakistan hit an all-time monthly high of $2.8 billion in April 2021, setting a new monthly mark.

Workers’ remittances increased 56 percent in February compared to the same month last year, according to data published by the State Bank of Pakistan (SBP) on Tuesday.

Remittances have often exceeded past highs on a combined basis. Remittances increased by 29% year over year in July-April FY21, to $ 24.2 billion, and have now surpassed the maximum FY20 mark by more than $1 billion.

In response to the news, Prime Minister Imran Khan thanked Pakistanis living abroad for sending a record 24.2 billion dollars in remittances during the first ten months of the current fiscal year.

The prime minister said in a tweet today (Tuesday) that he has always maintained that Pakistanis living abroad are the country’s greatest strength.

“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 the first 10 months of FY21, you have broken the record level achieved in the entire FY20. Thank you for your faith in Naya Pakistan,” said Khan in a tweet post.

Saudi Arabia ($6.4 billion), the United Arab Emirates ($5.1 billion), the United Kingdom ($3.3 billion), and the United States ($2.2 billion) were the largest sources of remittance inflows from July to April FY21.

According to the SBP, constructive policy initiatives by the Government and SBP to facilitate further inflows across structured networks, curtailed cross-border travel in the face of COVID-19, altruistic transfers to Pakistan during the pandemic, orderly foreign exchange market conditions, and, more recently, Eid-related inflows have all contributed to record remittance volumes this year.

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