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

CIMRAD, Print Media

Support from remittances

Published in Dawn on February 13, 2025 EVEN though workers’ remittances dipped, albeit negligibly, in January on a month-over-month basis, the earnings that overseas Pakistanis send home continue to help the country’s current account stay in the positive zone. That remittances are helping the current account run a surplus month after month amid a widening trade deficit […]

14

Feb
Print Media

Income tax surges Rs100b in 7 months

By Shahbaz Rana Published in The Express Tribune on February 13, 2025 ISLAMABAD: The salaried class’s income tax payments have jumped to Rs285 billion in seven months—Rs100 billion more than the comparable period—as Minister of State for Finance Ali Pervaiz Malik hints at reducing the burden in the budget. Also, nearly Rs100 billion more in income tax[…]