KARACHI: The State Bank of Pakistan has informed that the foreign remittances have increased by almost 8 percent during the four months of the coronavirus pandemic.
According to a statement issued today (Monday), Workers’ remittances rose by a significant 50.7 percent during June 2020 to reach record high USD 2,466.2 million compared with USD 1,636.4 million in June 2019.
On a cumulative basis, remittances increased to a historic high of $23,120.7 million during FY20, witnessing a growth of 6.4 percent over $21,739.4 million during FY19.
During June 2020, larger amounts of workers’ remittances were received from Saudi Arabia ($619.4 million), the US ($452.0 million), UAE ($431.7 million) and UK ($401.0 million) recording an increase of 42.0 percent, 7.1 percent, 33.5 percent, and 40.8 percent respectively as compared to May 2020.
“The significant increase in remittances during June 2020 can be attributed to a number of factors. Since many of the countries eased lockdown in June, overseas Pakistanis were able to transfer accumulative funds, which they were unable to send earlier,” the statement added.
Further, it is also believed that they sent remittances to support extended families and friends due to COVID-19. In addition to these, efforts by the government and SBP also played their role in increasing the inflow of remittances during FY20 in general and the lockdown period, March 2020 till June 2020, in particular.
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