Home Latest News Remittances by Overseas Pakistanis Hit All-Time High

Remittances by Overseas Pakistanis Hit All-Time High

by Newsweek Pakistan

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Prime Minister Imran Khan thanks expatriates for remitting $2.8 billion in April 2021, 56 percent higher than that remitted a year earlier

Remittances by overseas Pakistanis in April 2021 reached an all-time peak of $2.8 billion, a sum that is 56 percent higher than that of April 2020, the State Bank of Pakistan (SBP) announced on Tuesday.

“At $24.2 billion during July-April FY21, up 29 percent from last year, these [remittances] have also surpassed the full FY20 level by over $1bn, creating a new record,” read the statement issued by the central bank.

Data provided by the apex bank showed that inflows during the July to April period were the largest from Saudi Arabia at $6.4 billion; United Arab Emirates at $5.08 billion; the United Kingdom at $3.33 billion; and the United States at $2.22 billion.

Hailing the development, Prime Minister Imran Khan thanked overseas Pakistanis for remitting record-breaking amounts. “I have always believed Overseas Pakistanis to be our greatest asset,” he posted on Twitter. “In April, your remittances rose to an all-time high of $2.8 billion. Remitting $24.2 billion in first 10 months of FY21, you have broken the record level achieved in entire FY20. Thank you for your faith in Naya Pakistan,” he added.

Observers believe the increased remittances are a result of the State Bank of Pakistan and the government encouraging the uptake of inflows through formal channels, rather than the informal practices that were predominated in the past. Reduced cross-border travel due to the COVID-19 pandemic is also believed to a contributing factor, as expatriates wishing to aid their families back home have to rely on banking channels rather than sending money via travelers.

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