Remittances rise to an all-time high of $2.8bn in April

Published in DAWN on May 18, 2021

Remittances by overseas Pakistani continued to surge, rising to an all-time high of $2.8 billion in April, 56 per cent higher than a year ago, the State Bank of Pakistan (SBP) said on Tuesday.

Cumulatively, during the July-April FY21 workers’ remittances rose to an unprecedented level of $24.2bn, up by 29pc, compared to the same period last year.

These have also surpassed the full FY20 level by over $1bn, creating a new record, the central bank said.

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).

Proactive policy measures by the government and the SBP to encourage more inflows through formal channels, curtailed cross-border travel in the face of Covid-19, altruistic transfers to Pakistan amid the pandemic, orderly foreign exchange market conditions and Eid-related inflows have contributed to record levels of remittances this year.

Reacting to the development, Prime Minister Imran Khan said that he “always believed overseas Pakistanis to be [the country’s] biggest 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.

Your Comment:

Related Posts

Print Media

Miles to go

Published in Dawn on July 14, 2024 PRIME Minister Shehbaz Sharif’s budget for the present fiscal year has whipped up seething anger against his administration at home but won him a $7bn package from the IMF to temporarily shore up an embattled economy. An IMF statement says that it has reached a staff-level agreement with Pakistan on […]

12

Jul
Print Media

IMF proposes 45% tax on agriculture income

By Shahbaz Rana Published in The Express Tribune on July 11, 2024 ISLAMABAD: As Pakistan seeks a multibillion-dollar bailout from the International Monetary Fund (IMF) to stabilise its chronically ailing economy, the global lender has suggested imposition of a standard individual income tax rate of up to 45% on agriculture income – something that may end the[…]