Prime Minister Imran Khan revealed that remittances had risen to $2.7 billion in March, 43% higher than last year. So far, in this fiscal year, remittances rose to 26%, the premier added, thanking overseas Pakistan for sending over $2 billion for 10 straight months despite COVID-19, “breaking all records”.
Workers’ remittances extended their unprecedented streak of above $2 billion for the 10th consecutive month in March, the State Bank of Pakistan (SBP) said in a statement on Monday.
Remittances rose to $2.7 billion in March 2021, 20 per cent higher than last month and 43 per cent higher than March 2020.
Cumulatively during July-March 2020-21, remittances have risen to $21.5 billion, up by 26 per cent over the same period of 2019-20.
Remittance inflows during July-March 2020-21 were mainly sourced from Saudi Arabia ($5.7 billion), United Arab Emirates ($4.5 billion), United Kingdom ($2.9 billion) and the United States ($1.9 billion).
Proactive policy measures by the government and SBP to encourage more inflows through formal channels, limited cross border travel in the face of the COVID-19, medical expenses and altruistic transfers to Pakistan amidst the pandemic, and orderly foreign exchange market conditions are continuing to contribute to this sustained rise in workers’ remittances, the SBP added.