sultan shah
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Remittances by overseas Pakistani continued to surge, rising to an all-time high of $2.8 billion in April, 56 per cent higher than a year ago, the State Bank of Pakistan (SBP) said on Tuesday.
View attachment 327
Cumulatively, during the July-April FY21 workers’ remittances rose to an unprecedented level of $24.2bn, up by 29pc, compared to the same period last year.
These have also surpassed the full FY20 level by over $1bn, creating a new record, the central bank said.
Inflows during the July to April period were mainly sourced from Saudi Arabia ($6.40bn), United Arab Emirates ($5.08bn), United Kingdom ($3.33bn), and the United States ($2.22bn).
Proactive policy measures by the government and the 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 Eid-related inflows have contributed to record levels of remittances this year.
Reacting to the development, Prime Minister Imran Khan said that he "always believed overseas Pakistanis to be [the country's] biggest asset".
"Remitting $24.2bn in first 10 months of FY21, you have broken the record level achieved in the entire FY20. Thank you for your faith in Naya Pakistan," he said.
View attachment 327
Cumulatively, during the July-April FY21 workers’ remittances rose to an unprecedented level of $24.2bn, up by 29pc, compared to the same period last year.
These have also surpassed the full FY20 level by over $1bn, creating a new record, the central bank said.
Inflows during the July to April period were mainly sourced from Saudi Arabia ($6.40bn), United Arab Emirates ($5.08bn), United Kingdom ($3.33bn), and the United States ($2.22bn).
Proactive policy measures by the government and the 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 Eid-related inflows have contributed to record levels of remittances this year.
Reacting to the development, Prime Minister Imran Khan said that he "always believed overseas Pakistanis to be [the country's] biggest asset".
"Remitting $24.2bn in first 10 months of FY21, you have broken the record level achieved in the entire FY20. Thank you for your faith in Naya Pakistan," he said.