Pakistan records remittances over $2b for tenth consecutive month

Taking to twitter, Imran Khan wrote that the remittances have so far witnessed an increase of twenty six percent during this financial year.

He extended gratitude to overseas Pakistanis for sending record remittances saying their love and commitment for the country is unparalleled.

Imran Khan said that despite coronavirus pandemic raging across the world, Pakistanis sent over two billion dollars for tenth straight months, breaking all records.

“The love & commitment of Overseas Pakistanis to Pakistan is unparalleled.   You sent over $2bn for 10 straight mths despite Covid, breaking all records. Your remittances rose to $2.7bn in Mar, 43% higher than last yr. So far this fiscal yr, your remittances rose 26%. We thank you,” PM shared on twitter.

The love & commitment of Overseas Pakistanis to Pakistan is unparalleled. You sent over $2bn for 10 straight mths despite Covid, breaking all records. Your remittances rose to $2.7bn in Mar, 43% higher than last yr. So far this fiscal yr, your remittances rose 26%. We thank you

— Imran Khan (@ImranKhanPTI) April 12, 2021

The date by State Bank of Pakistan (SBP) showed that the workers’ remittances amounted to $2.266 billion in February, reflecting a year-on-year growth of 24.2%.

 “A large part of workers remittance inflow during July-February was sourced from Saudi Arabia [$5 billion], the UAE [$3.9 billion], the United Kingdom [$2.5 billion] and the United States [$1.6 billion],” the SBP said in a statement.

SBP has stated that the increase in remittances is occurring due to policy measures undertaken by the government and the central bank to promote inflows through formal channels, decreased cross-border travel due to coronavirus pandemic, medical expenses and altruistic transfers to Pakistan amidst the pandemic, and orderly exchange market conditions.

Ratings agency Moody’s termed spike in remittances as credit-positive for banks and anticipated that the remittance inflows into Pakistan will surge in the coming years.