The inward remittances of first 10 months of FY’21 have overtaken the entire inward remittances of FY’ 20
Pakistan received a total inward remittance of $2.8 billion in April, a 56% hike from year ago month, according to the State Bank of Pakistan (SBP). In the first ten months of Fiscal Year 2021, the inward remittances have crossed previous year’s aggregate for the entire year by $1 billion already.
Inflows during the July to April period were mainly sourced from Saudi Arabia ($6.40bn), United Arab Emirates ($5.08bn), United Kingdom ($3.33bn), and the United States ($2.22bn).
The inflows have increased mainly due to the central bank’s encouragement for using official channels and Ramazan and Eid Holidays. The coronavirus pandemic has also played a part in people sending more money to their loved ones.
Meanwhile, Prime Minister Imran Khan once again called the overseas Pakistanis his greatest asset. “Remitting $24.2bn in first 10 months of FY21, you have broken the record level achieved in the entire FY20. Thank you for your faith in Naya Pakistan,” he said.