PM thanks overseas Pakistanis for record-breaking month of remittances

On Friday, Prime Minister Imran Khan took to micro-blogging site Twitter to thank all the overseas Pakistanis for a “record-breaking month of remittances“. He told that during the month of December 2020, Pakistan received $2.4 billion in remittances.

“MashaAllah, 1st time in Pakistan remittances have been above $2 bn for 6 consecutive months,” PM Khan wrote on Twitter.

According to Imran Khan’s tweet, during the past six months, the country recieved $14.2 bn, a total number of remittances.

“I want to thank our overseas Pakistanis for yet another record-breaking month of remittances in Dec: $2.4 bn. MashaAllah, 1st time in Pakistan remittances have been above $2 bn for 6 consecutive months. Total for 6 months of this fiscal year $14.2 bn – a 24.9% growth over last yr,” he tweeted.

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I want to thank our overseas Pakistanis for yet another record-breaking month of remittances in Dec: $2.4 bn. MashaAllah, 1st time in Pakistan remittances have been above $2 bn for 6 consecutive months. Total for 6 months of this fiscal year $14.2 bn – a 24.9% growth over last yr

— Imran Khan (@ImranKhanPTI) January 8, 2021

Pakistan’s remittances in November 2020

Remittances in the country for the sixth consecutive month in November 2020 stood at more than $2 billion.

According to the data released by the State Bank of Pakistan, remittances in November on a monthly basis increased by 2.4% to $2.34 billion as compared to October.

However, in the first five months of the current financial year, the growth was 27% compared to the same period of the previous financial year.

The SBP said that during July-November of FY21, workers’ remittances reached an extraordinary level of  $11.77 billion, up 26.9 percent from the same period last year.

Pakistan is heavily dependent on remittance inflows, as measured by the SBP’s total foreign exchange reserves, which stood at  $13.298 billion last week, which was only  $1.5 billion more than the total remittances received in five months.