PM hails increase in remittances sent by overseas Pakistanis

ISLAMABAD: Prime Minister Imran Khan has hailed the increase in remittances sent by overseas Pakistanis in the month of August.

In a tweet on Monday, the prime minister said that for the first two months of this fiscal year our remittances are up 31 percent over the same period last year.

Overseas Pakistanis sent $2,095 million in remittances in August 2020 – 24.4% higher than Aug. last year – in addition to the record $2,768 million in July 2020. For the first two months of this fiscal year our remittances are up 31% over the same period last year. Alhamdulillah

— Imran Khan (@ImranKhanPTI) September 14, 2020

“Overseas Pakistanis sent $2,095 million in remittances in August 2020 – 24.4% higher than Aug. last year – in addition to the record $2,768 million in July 2020. For the first two months of this fiscal year, our remittances are up 31% over the same period last year. Alhamdulillah,” the prime minister tweeted.

Several factors have likely supported growth in remittances to date, including exchange rate conditions and policy steps taken by the State bank and the federal government under the Pakistan Remittance Initiative.

Read more: Remittances increased to record monthly high in July: SBP

These steps include reducing the threshold for eligible transactions from $200 to $100 under the Reimbursement of Telegraphic Transfer (TT) charges scheme, an increased push towards adoption of digital channels, and targeted marketing campaigns to promote formal channels for sending remittances.