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Economy

Billion Dollar Men of Pakistan: Record remittances of $2.8bn received in April

The record spree of remittances continued despite the COVID-19 pandemic and travel restrictions.

The State bank of Pakistan said on Tuesday that the remittances by overseas Pakistani continued to surge, rising to an all-time high of $2.8 billion in April, 56 per cent higher than a year ago.

During the July-April FY21 workers’ remittances rose to an unprecedented level of $24.2bn, up by 29pc cumulatively, compared to the same period last year.

The central bank said that these have also surpassed the full FY20 level by over $1bn, creating a new record.

During the July to April period, the inflows were mainly sourced from Saudi Arabia ($6.40bn), United Arab Emirates ($5.08bn), United Kingdom ($3.33bn), and the United States ($2.22bn).

The main contribution to the record levels of remittances this year is the Proactive policy measures by the government and the SBP to encourage more inflows through formal channels, curtailed cross-border travel in the face of Covid-19, altruistic transfers to Pakistan amid the pandemic, orderly foreign exchange market conditions and Eid-related inflows.

Reacting to the development, Prime Minister Imran Khan said that he “always believed overseas Pakistanis to be [the country’s] biggest asset”.

“Remitting $24.2bn in first 10 months of FY21, you have broken the record level achieved in the entire FY20. Thank you for your faith in Naya Pakistan.”

He said.

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