The Country’s central bank said on Monday that Remittances from Pakistani workers employed abroad exceeded $2 billion for the eighth straight month in January at $2.3 billion, up 19 per cent from a year earlier.
Moreover, Prime Minister Imran Khan showed gratitude towards the overseas Pakistanis by Sharing the figures on Twitter.
He stated, “This is a record for our country, and I thank our overseas Pakistanis.”
Moreover, according to a statement of State bank of Punjab, The sustained increase in remittances largely reflects the growing use of banking channels that is attributed to continued efforts by the government and the central bank to attract inflows through official channels.
Furthermore, it added Limited cross-border travel due to the second wave of coronavirus pandemic, and a flexible exchange rate regime also boosted remittances.
However, Samiullah Tariq, head of research and development at Pakistan Kuwait Investment Company, told Reuters that travel restrictions and introduction of digital apps for transferring money are the main reasons behind higher remittances among others.
Hence, A large part of the remittances during the July to January period in FY21 was sourced from Saudi Arabia ($4.5bn), United Arab Emirates ($3.4bn), United Kingdom ($2.2bn) and United States ($1.4bn), as stated by State Bank of Pakistan.
The sustained increase in remittances was a “clear indication that overseas Pakistanis trust the transparent leadership of PM Imran Khan”, Information Minister Shibli Faraz said.