KARACHI: Pakistan saw an increase of 26% in remittances, with a record of above $2 billion in remittances for the 10th consecutive month in March, the State Bank of Pakistan said.
“At $2.7bn, they were up 20% compared to Feb & 43% compared to Mar20. Cumulatively, they have risen to $21.5bn during Jul-Mar FY21, up 26% over the same period last year,” said the central bank.
Cumulatively during July-Mar FY 2020-21, remittances have risen to $21.5 billion, up by 26 percent over the same period of fiscal year last year.
Remittance inflows during Jul-Mar FY21 were mainly sourced from Saudi Arabia ($5.7 billion), United Arab Emirates ($4.5 billion), United Kingdom ($2.9 billion) and the United States ($1.9 billion).
The central bank said the proactive policy measures to encourage more inflows through formal channels, limited cross border travel in the face of the COVID-19, medical expenses and altruistic transfers to Pakistan amidst the pandemic, and orderly foreign exchange market conditions are continuing to contribute to this sustained rise in workers’ remittances.
Remittances continued their record run of above $2bn for 10th consecutive month in Mar. At $2.7bn, they were up 20% compared to Feb & 43% compared to Mar20. Cumulatively, they have risen to $21.5bn during Jul-Mar FY21, up 26% over the same period last year:https://t.co/NMRGk3VCx5 pic.twitter.com/iTm8SlJFbg
— SBP (@StateBank_Pak) April 12, 2021
Prime Minister Imran Khan expressing immense happiness over the development and lauded the overseas Pakistanis for their “unparalleled love and commitment for the country”.
“You sent over $2bn for 10 straight months despite Covid, breaking all records. Your remittances rose to $2.7bn in March, 43% higher than last year,” the premier wrote on Twitter. He thanked the overseas Pakistanis for their support and commitment to the development of the country.
Pakistan had reported a 24.2% jump in February in remittances. According to the central bank, the development came on the heels of government incentives that attracted people abroad to send more money home through formal channels.
The remittances continued exceptional performance and remained above $2 billion for the tenth consecutive month in March.
