- Register fastest growth since FY03 to amount to $29.4 billion
Remittances sent home by Pakistanis working overseas exceeded $2 billion in June for a record 13th month in a row, the State Bank of Pakistan (SBP) said on Tuesday.
The amount sent home by overseas Pakistanis in fiscal year 2020-21 registered the fastest growth in past 18 years and rose to an all-time high of $29.4 billion while playing a leading role in boosting country’s foreign currency reserves and improving its capacity to make international payments for imports and foreign debt repayments.
Remittances registered a substantial 27 per cent growth in Fiscal Year 2021 over last year, the fastest rate of expansion since FY03.
Remittance inflows during Fiscal Year 2021 were mainly sourced from Saudi Arabia ($7.7 billion), United Arab Emirates ($6.1 billion), United Kingdom ($4.1 billion) and the United States ($2.7 billion).
“Overall, record high inflow of workers’ remittances during FY21 was driven by proactive policy measures by the government and SBP to incentivise the use of formal channels, curtailment of cross-border travel in the face of Covid-19 infections and altruistic transfers to Pakistan amid the pandemic,” the central bank said.
