The inflow of workers’ remittances in Pakistan rose to an all-time monthly high of $2.8billion in April 2021, 56 per cent higher than during the same month last year.
On a cumulative basis, remittances have also surpassed previous records. At $24.2bn in July-April FY21, remittances grew by 29 per cent over the same period last year and have already crossed the full FY20 level by more than $1bn.
Remittance inflows during July-April FY21 were mainly sourced from Saudi Arabia ($6.4bn), United Arab Emirates ($5.1bn), United Kingdom ($3.3bn) and the United States ($2.2bn).
Proactive policy measures by the government and the State Bank of Pakistan (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.
Prime Minister Imran Khan has also lauded overseas Pakistanis for sending record remittances in April. The premier took to Twitter and said. “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 entire FY20. Thank you for your faith in Naya Pakistan.”
The inflow of remittances hit an eight-month high at $2.72bn in March 2021 ahead of the start of Ramazan.
