Pakistan's Remittances hit above $2bn mark for 10 straight months

Pakistan’s workers’ remittances extended their unprecedented streak of above $2 billion for the 10th consecutive month in March.

As per the State Bank of Pakistan (SBP) latest figures, remittances rose to $2.7 billion in March 2021, 20 percent higher than last month and 43 percent higher than March 2020. Cumulatively during July-Mar FY 21, remittances have risen to $21.5 billion, up by 26 percent over the same period of FY20.

“The love and commitment of Overseas Pakistanis to Pakistan is unparalleled,” said Prime Minister Imran Khan in a tweet post on Monday. “You sent over $2bn for 10 straight months despite Covid, breaking all records. Your remittances rose to $2.7bn in Mar, 43% higher than last year. So far this fiscal year, your remittances rose 26%. We thank you,” he added

Remittance inflows during Jul-Mar FY21 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,” said SBP.