LAHORE: Remittances sent home by Pakistanis working overseas exceeded $2 billion in June for a record 13th month in a row, registering a growth of 27 per cent in FY21 over the previous year which was the fastest rate of expansion since FY03, the State Bank of Pakistan (SBP) said on Tuesday.
Inflows of around $2.7 billion in June 2021 showed 9 per cent growth on a year-on-year basis and 8pc on a month-on-month basis, the central bank said.
“Workers’ remittances continued their unprecedented streak of above $2 billion for a record 13th consecutive month,” the SBP said, adding seasonal pre-Eid ul Adha related inflows helped further boost remittances level during June.
Remittance inflows during FY21 were mainly sourced from Saudi Arabia (at $7.7 billion), United Arab Emirates ($6.1 billion), United Kingdom ($4.1 billion) and the United States ($2.7 billion).
“Overall, record high inflow of workers’ remittances during FY21 was driven by proactive policy measures by the government and SBP to incentivise the use of formal channels, curtailment of cross-border travel in the face of Covid-19 infections and altruistic transfers to Pakistan amid the pandemic,” the central bank said.
What is a total inflow for FY21?
thanks for provide the good information in remittances.
The quantum leap,is inthe cost of remittances.
Pakistan has demographic dividend and accelerated technological penetration,in the youth
30 Billion USD in 1 year – so the key,is the cost of the remittance. Even 0.1% is 30 million USD.If it is 0.5%,the cost is 150 million USD.
Y?
Time to bring in PKR Crypto,which should be traded on KSE or at a money changer in Karachi – on line.The Pakistan Crypto will also absorb the PKR NDF market.It can also be used to settle import and export payments ,especially with nations in Africa.So Pakistanis do not have to CARRY CASH IN AIRCRAFTS to settle import bills.
Pakistanis will save the dead loss of the cost of remittance,and also get a premium rate in PKR,for their family,as the PKR will NOT appreciate.If 1 million Pakistanis remit 5 Billion USD before EID,the PKR will appreciate,and so,the families in Pakistan will get lesser rupees.
So,if they buy the PKR Crypto,in USD,the PKR will remain the same,and when their families cash the Crypto, they will get more PKR,or they can use it for purchases in Pakistan.Also the PKR Crypto will have a cross rate with BTC,so it becomes a global currency.
Pakistan Money Changers and ADs will become OBSOLETE soon.Pakistani have to make profits from efficiencies, and NOT by gouging money from overseas Pakistanis.dindooohindoo
One more gain is that the POWER used in mining Pakistan Crypto,in Pakistan – will be paid for.So there will be no power theft.