The State Bank of Pakistan said on Tuesday that Foreign remittances from Pakistani expatriates continued to rise, reaching a record $ 2.8 billion in April, marking a 56 percent increase from a year ago.
Cumulatively, from July-2020 to April-2021, remittances rose to an unprecedented level of $ 24.2 billion, up 29 percent from the same period last year.
Remittances also surpassed the entire FY2020 level by more than $ 1 billion, a good omen for bringing funds through legal channels.
Fund inflows from July-2020 to April-2021 came mainly from Saudi Arabia ($ 6.40 billion), the United Arab Emirates ($ 5.08 billion), the United Kingdom ($ 3.33 billion) and the United States ($ 2.22 billion).
Talking about the development of events, Prime Minister Imran Khan said on Twitter that he “always considered Pakistanis abroad to be the greatest asset of the country.”
“With a $ 24.2 billion transfer in the first ten months of fiscal 21, you surpassed the record set for the entire 2020 fiscal year,” he said. “Thank you for your faith in Pakistan.”
Foreign remittances are expected to surpass US$29 billion in FY2021 given prolongation of travel restrictions amid resurgence of COVID.
Latest posts by News Desk (see all)
- Oil Prices down amid Geo-Political Uncertainty - November 1, 2023
- Govt to borrow PKR8.5 trillion in Bond Auction till Jan-2024 - November 1, 2023
- Nishat Chunian Ltd: 1QFY24 profit rises 13 percent to PKR 500mn - October 31, 2023