ISLAMABAD, The workers’ remittances surpassed previous records, reaching to $24.2 billion during the first ten months of the current fiscal year, showing growth of 29 percent over the same period last year.
The remittance 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 percent higher than the remittances of the same month 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 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.
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