Remittances rise to an all-time high of $2.8bn in April

Remittances by overseas Pakistani continued to surge, rising to an all-time high of $2.8 billion in April, 56 per cent higher than a year ago, the State Bank of Pakistan (SBP) said on Tuesday.

Cumulatively, during the July-April FY21 workers’ remittances rose to an unprecedented level of $24.2bn, up by 29pc, compared to the same period last year.

These have also surpassed the full FY20 level by over $1bn, creating a new record, the central bank said.

Inflows during the July to April period were mainly sourced from Saudi Arabia ($6.40bn), United Arab Emirates ($5.08bn), United Kingdom ($3.33bn), and the United States ($2.22bn).

Proactive policy measures by the government and the SBP to encourage more inflows through formal channels, curtailed cross-border travel in the face of Covid-19, altruistic transfers to Pakistan amid the pandemic, orderly foreign exchange market conditions and Eid-related inflows have contributed to record levels of remittances this year.

Reacting to the development, Prime Minister Imran Khan said that he "always believed overseas Pakistanis to be [the country's] biggest asset".

"Remitting $24.2bn in first 10 months of FY21, you have broken the record level achieved in the entire FY20. Thank you for your faith in Naya Pakistan," he said.

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