Remittances from Overseas Pakistani’s exceed $2bn

The remittances from Overseas Pakistani’s working abroad exceeded $2 billion for the 12th month in a row in May 2021.

The State Bank of Pakistan (SBP) acknowledging “proactive policy measures by the Government and the State Bank of Pakistan encouraging expats to use formal channels for their transactions” for the record inflows.

According to the State Bank, “Remittances received during May 2021 amounted to $2.5bn, which is 33.5pc higher than the same month last year. These were also higher than the monthly average of $2.4bn during July-April in the fiscal year 2020-21.”

It further said the remittance influxes during July-May FY21 were mainly sourced from Saudi Arabia ($7bn), United Arab Emirates ($5.6bn), United Kingdom ($3.7bn), and the United States ($2.5bn).