ISLAMABAD: The inflows of remittances in fiscal year 2020-21 exceeded $29 billion level for the first time, setting new record. In FY21, Pakistan received $29.4 billion remittances. Thus, in comparison with financial year 2019-20, the country received 6.29 billion dollars more foreign exchange from the expatriates. In 2019-20, overseas Pakistanis sent home $23.11 billion worth remittances.
State Bank of Pakistan stated on Tuesday (July 13), that Remittances registered a substantial growth of 27% in FY21 over the previous year which was the fastest rate of expansion since FY03.
The inflows surged 9% to $2.7 billion in June 2021 compared to the same month last year while on a month-of-month basis, they recorded an increase of 8% compared to May 2021.
Seasonal pre-Eid related inflows boosted remittances during June,” the State Bank of Pakistan (SBP) said adding that remittances maintained the unprecedented streak of remaining over $2 billion a month for a record 13th successive month in 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).