Remittances increases to all-time high in FY21

The amount sent home by overseas Pakistanis in the fiscal year 2020-21 registered the fastest growth in the past 18 years and rose to an all-time high of $29.4 billion while playing a leading role in boosting the country's foreign currency reserves and improving its capacity to make international payments for imports and foreign debt repayments.

"On a cumulative basis, remittances rose to a historic high of $29.4 billion. This helped improve the country’s external sector position despite the challenging global economic conditions in the past year," the State Bank of Pakistan reported on Tuesday.

To recall, the country's foreign exchange reserves climbed to over a four-year high at $17.23 billion in the week ended July 2, 2021, the central bank said in its latest weekly update on Thursday.