PM thanks overseas Pakistanis for record remittances

ISLAMABAD: Prime Minister Imran Khan thanked overseas Pakistan for sending remittances back of over $2 billion since the past ten months of the fiscal year.

The prime minister took to twitter and shared data of remittances Pakistanis working outside their country sent back home in March 2021.

“The love & commitment of Overseas Pakistanis to Pakistan is unparalleled,” the prime minister said while expressing gratitude to the expats over the rise.

He shared overseas citizens sent over $2bn for 10 straight months despite the coronavirus pandemic, breaking all records.

The prime minister said workers’ remittances rose to $2.7 billion in March, 43 percent higher than last year’s corresponding period. So far this fiscal year, remittances rose 26 percent, he added.

According to the State Bank of Pakistan, remittances continued their record run of above $2bn for the tenth consecutive month in March.

“At $2.7bn, they were up 20% compared to Feb & 43% compared to Mar20. Cumulatively, they have risen to $21.5bn during Jul-Mar FY21, up 26% over the same period last year,” said the central bank.

Cumulatively during July-Mar FY 2020-21, remittances have risen to $21.5 billion, up by 26 percent over the same period of fiscal year last year..

Remittance inflows during Jul-Mar FY21 were mainly sourced from Saudi Arabia ($5.7 billion), United Arab Emirates ($4.5 billion), United Kingdom ($2.9 billion) and the United States ($1.9 billion).

The central bank said the proactive policy measures to encourage more inflows through formal channels, limited cross border travel in the face of the COVID-19, medical expenses and altruistic transfers to Pakistan amidst the pandemic, and orderly foreign exchange market conditions are continuing to contribute to this sustained rise in workers’ remittances.

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