PM Imran lauds diaspora for remitting over $2bn for 6th straight month

'Remittances surge 25pc YoY during July-Dec FY21, highest half-year growth in 14 years'

ISLAMABAD: Prime Minister Imran Khan on Friday thanked Pakistani diaspora for keeping remittances above the $2-billion mark for sixth consecutive month.

“I want to thank our overseas Pakistanis for yet another record-breaking month of remittances in Dec: $2.4 bn,” the prime minister wrote on his official Twitter handle.

He said that for the first time, Pakistani remittances have been above $2 billion for six consecutive months. “Total for 6 months of this fiscal year $14.2 bn – a 24.9pc growth over last yr [year],” the PM added.

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Meanwhile, the State Bank of Pakistan (SBP) revealed on Friday that inflows of workers’ remittances registered 25pc growth during the first half (July-Dec) of the current fiscal year (FY21). This is the highest half yearly growth recorded since fiscal year 2007.

“During the period under review, workers’ remittances reached an unprecedented level of $14.2 billion,” the central bank stated. “December remittances clocked in at $2.4 billion, growing 16.2pc on a year-on-year basis (compared with Dec 2019) and 4.2pc on a month-on-month basis (compared with November 2020).”

Remittance inflows have been well-diversified, as most inflows during H1FY21 were sourced from Saudi Arabia ($4.0 billion), United Arab Emirates ($3.0 billion), the United Kingdom ($1.9 billion) and the United States ($1.2 billion).

“This strong growth in workers’ remittances is attributable to the increased use of formal channels on the back of sustained efforts by the government and SBP to encourage inflows through official channels as well as limited cross-border travel due to the second wave of the Covid-19 pandemic, together with favorable foreign exchange market dynamics,” the SBP maintained.

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