Workers’ remittances reached an all-time high of $24.2 billion in July-April FY21. Up to 29 percent from the same timeframe the previous year.
The total has also exceeded the full FY20 amount by over $1 billion, setting a new high. According to the central bank.
Saudi Arabia ($6.40 billion). The United Arab Emirates ($5.08 billion). The United Kingdom ($3.33 billion). Then United States ($2.22 billion) were the key sources of inflows from July to April.
The government and the SBP took proactive policy steps this year to facilitate more inflows through formal channels, curtailed cross-border travel in the face of Covid-19, and altruistic transfers to Pakistan despite the pandemic, orderly foreign exchange market conditions, and Eid-related inflows, all of which contributed to record remittance levels this year.
Prime Minister Imran Khan reacted to the news by saying that he has “always believed that overseas Pakistanis are [the country’s] most valuable asset.”
“You have surpassed the record amount set in FY20 by remitting $24.2 billion in the first ten months of FY21. I appreciate your belief in Naya Pakistan “He expressed himself.