Staff Reporter Islamabad
Remittances from Pakistani workers employed abroad exceeded $2 billion for the 12th month in a row in May 2021, with the SBP crediting “proactive policy measures by the Government and the State Bank of Pakistan encouraging expats to use formal channels for their transactions” for the record inflows.
The statement added that curtailed cross border travel in the face of Covid-19, altruistic transfers to Pakistan amid the pandemic, and orderly foreign exchange market conditions have contributed to record levels of remittances this year.
“On a cumulative basis, remittances surged to $26.7bn during July-May this fiscal year, higher by 29.4 per cent over the same period last year,” the SBP said.
“Remittances during the first eleven months of the outgoing fiscal year have already crossed the full FY20 level by $3.6bn,” it added.
The centera further said the remittance inflows during July-May FY21 were mainly sourced from Saudi Arabia ($7bn), United Arab Emirates ($5.6bn), UK ($3.7bn) and the United States ($2.5bn).