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Pakistan receives $29 billion+ record remittances in FY21

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.

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.

KIEV, UKRAINE – 2018/10/20: Souvenir banknotes of 100 US dollars and 50 US dollars. (Photo by Pavlo Conchar/SOPA Images/LightRocket via Getty Images)

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.

dollar stacks

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).

Javed Mahmood
Written By

I am an experienced writer, analyst, and author. My exposure in English journalism spans more than 28 years. In the past, I have been working with daily The Muslim (Lahore Bureau), daily Business Recorder (Lahore/Islamabad Bureaus), Daily Times, Islamabad, daily The Nation (Lahore and Karachi). With daily The Nation, I have served as Resident Editor, Karachi. Since 2009, I have been working as a Freelance Writer/Editor for American organizations.

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