Overseas remittances exceed $2bn for 10th consecutive month

ISLAMABAD: Remittances from Pakistani workers employed abroad exceeded $2 billion for the 10th consecutive month in March at $2.7 billion — up 43 per cent from a year earlier, according to data released by the State Bank of Pakistan (SBP).

In a statement released on Monday, the central bank said that proactive policy steps by the government and SBP to spur inflows through formal channels, combined with limited cross-border travel, medical expenses and altruistic transfers amid the pandemic fueled the rise.

“At $2.7bn, the remittances were up 20 per cent compared to February and 43 per cent compared to March 20. Cumulatively, the remittances have risen to $21.5bn during July-March FY21, up 26 per cent over the same period last year,”. the bank said on Twitter.

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The bank said that a large part of the remittances during the July to March period in FY21 came mainly from Saudi Arabia, standing at $5.7 billion; the United Arab Emirates (UAE), at $4.5 billion; with $2.9 billion from Britain and $1.9 billion from the United States.

Prime Minister Imran Khan took to Twitter to appreciate the role of overseas Pakistanis for their “unparalleled love and commitment for the country”.

“You sent over $2 billion for 10 straight months despite Covid, breaking all records. Your remittances rose to $2.7 billion in March, 43 per cent higher than last year,” he said, thanking them for their support and commitment to the country’s development.

Similarly, Federal Minister for Finance and Revenue Hammad Azhar also said that workers’ remittances have recorded an increase of 43 percent in March 2021 as compared to same period of last year.

“Remittances during the first three quarters of the current financial year (2020-21) have witnessed an increase of 26.2 per cent by growing from $17billion last year to $21.5 billion during the current year,” the minister tweeted.

 

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