Remittances upsurge to all-time high $2.8b in April

Between July 2020 and April 2021, the major chunk of remittances was from Pakistanis living in Saudi Arabia were $6.4 billion.

According to a statement issued by the State Bank of Pakistan, remittances for the tenth consecutive month in April stood at more than $2 billion.

Workers' remittances continue to surge, rising to an all-time high of $2.8bn in Apr21, 56% higher than a year ago. At $24.2bn during Jul-Apr FY21, up 29% from last year, these have also surpassed the full FY20 level by over $1bn, creating a new record. See https://t.co/7XBd4uNES4 pic.twitter.com/OIqQwlR88q

— SBP (@StateBank_Pak) May 18, 2021

In April, remittances from Pakistanis abroad amounted to more than $2.8 billion, up 56 per cent from March 2020.

According to the central bank, remittances during July-April 2021 exceeded $24.2 billion, up 29 per cent from the same period last fiscal year. Most remittances from July to April 2021 came from Saudi Arabia, the UAE, the United Kingdom, and the United States.

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

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.

Prime Minister Imran Khan on Tuesday thanked the overseas Pakistanis for sending record 24.2 billion dollars remittances during the first ten months of the current fiscal year.

On his official Twitter handle, the premier wrote, “I have always believed Overseas Pakistanis to be our greatest asset”.

The Prime Minister said the remittances during the month of April rose to an all-time high of 2.8 billion dollars

He further stated, “Remitting $24.2bn in first 10 mths of FY21, you have broken the record level achieved in entire FY20”.

“Thank you for your faith in Naya Pakistan,” added Khan.

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 first 10 mths of FY21, you have broken the record level achieved in entire FY20. Thank you for your faith in Naya Pakistan.

— Imran Khan (@ImranKhanPTI) May 18, 2021