Pakistan’s Remittances Hit Record High Of $2.8 Billion In April

Remittances from overseas Pakistanis continue to rise, reaching a record high of 2 2.8 billion in April 2021.

According to the State Bank of Pakistan (SBP), remittances in April were 56 per cent higher than a year ago.

In the fiscal year 2021, from July to April, total remittances from overseas workers reached an unprecedented level of  $24.2 billion, up 29 per cent from the same period last year.

The central bank said the volume was more than a billion dollars in remittances for the full fiscal year 2020, a new record.

From July to April, the largest amount of foreign remittances came from Saudi Arabia, amounting to  $6.4 billion.

This was followed by $5.8 billion from the United Arab Emirates, $3.33 billion from the United Kingdom and  $2.22 billion from the United States.

Workers' remittances continue to surge, rising to an all-time high of $2.8bn in Apr21, 56% higher than a year ago. At $24.2bn during Jul-Apr FY21, up 29% from last year, these have also surpassed the full FY20 level by over $1bn, creating a new record. See https://t.co/7XBd4uNES4 pic.twitter.com/OIqQwlR88q

— SBP (@StateBank_Pak) May 18, 2021

Active policy measures by the government and the SBP have encouraged inflows through formal channels.

In addition, limited cross-border travel in COVID-19, relocation to Pakistan during the global pandemic, organized foreign exchange market situation and Eid-related income have boosted remittance levels this year.

Reacting to the development, Prime Minister Imran Khan said that Overseas Pakistanis are the most valuable asset for the country and the greatest strength.

In his tweet on Tuesday (today), the Prime Minister extended thankfulness to the Overseas Pakistanis for their faith in Naya Pakistan.

He further added that the remittances during the month of April rose to an all-time high of 2.8 billion dollars.

“I have always believed Overseas Pakistanis to be our greatest asset. In April, your remittances rose to an all-time high of $2.8bn. Remitting $24.2bn in first 10 mths of FY21, you have broken the record level achieved in entire FY20. Thank you for your faith in Naya Pakistan,” the tweet read.

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I have always believed Overseas Pakistanis to be our greatest asset. In April, your remittances rose to an all-time high of $2.8bn. Remitting $24.2bn in first 10 mths of FY21, you have broken the record level achieved in entire FY20. Thank you for your faith in Naya Pakistan.

— Imran Khan (@ImranKhanPTI) May 18, 2021

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