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

ISLAMABAD: Prime Minister Imran Khan on Tuesday praised overseas Pakistanis for sending a record $2.8 billion in remittances in April.

“I have always believed Overseas Pakistanis to be our greatest asset,” the premier said in a Twitter post today.

“In April, your remittances rose to an all-time high of $2.8bn. Remitting $24.2bn in first 10 months of FY21, you have broken the record level achieved in the entire FY20,” he said and added, “Thank you for your faith in Naya Pakistan.”

I have always believed Overseas Pakistanis to be our greatest asset. In April, your remittances rose to an all-time high of $2.8bn. Remitting $24.2bn in first 10 mths of FY21, you have broken the record level achieved in entire FY20. Thank you for your faith in Naya Pakistan.

— Imran Khan (@ImranKhanPTI) May 18, 2021

The inflow of workers’ remittances into Pakistan hit an eight-month high at $2.72 billion in March 2021 ahead of the start of Ramazan.

The robust inflows have improved the country’s capacity to make international payments, mainly for imports and foreign debt servicing, and build its foreign currency reserves.

March also became the 10th month in a row when remittances sent home by overseas Pakistanis stayed above $2 billion.

Workers’ remittances increased 43% to $2.72 billion in March compared to $1.90 billion in the same month of previous year. Inflows were 20% higher compared to February 2021, the State Bank of Pakistan (SBP) reported the same month.

Cumulatively, in the first nine months (Jul-Mar) of current fiscal year, the remittances grew 26% to $21.5 billion compared to $17 billion in the same period of previous fiscal year.

The SBP added, “Proactive policy measures taken by the government and the SBP to encourage more inflows through formal channels, limited cross-border travel in the face of 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.”