Pakistan records remittances over $2b for eighth consecutive month

Prime Minister turned to twitter and wrote, “Remittances from overseas Pakistanis were $2.27 bn in Jan, up 19% over Jan 2020 - 8th consecutive month of remittances above $2b”.

While showing gratitude towards overseas Pakistanis the premier wrote, “To date in this fiscal year they are up 24% compared to last yr. This is a record for our country and I thank our overseas Pakistanis.

Alluding to the Industrial Sector, the prime minister also highlighted the sustained growth in Large Scale Manufacturing (LSM), which grew by 11.4% in December and 8% from July to December 2020.

“Good news from industrial sector also, showing sustained growth. Large scale manufacturing saw another double digit growth month in December 2020 -  11.4% growth vs Dec 2019,” he wrote.

Imran Khan further added that, cumulative July to Dec growth is above 8% now.

Good news from industrial sector also, showing sustained growth. Large scale manufacturing saw another double digit growth month in December 2020 - 11.4% growth vs Dec 2019. Cumulative July to Dec growth above 8% now.

— Imran Khan (@ImranKhanPTI) February 15, 2021

Around 10 million Pakistanis are currently living abroad, including 1.5 million in the UAE, remitting billions of dollars annually.

Earlier in 2020, the government of Pakistan launched Roshan Digital Accounts (RDAs) and Naya Pakistan Certificates (NPCs) targeted at overseas Pakistanis to attract more foreign exchange into the country.

According to State Bank of Pakistan (SBP), remittances from the overseas diaspora reached $16.5 billion during July-January 2021 fiscal year on a cumulative basis, growing by 24 percent over the same period last year.