Non-resident Pakistanis remit a record $2.66 billion last month.
Overseas Pakistanis continued to remit a record amount of over $2 billion for the 15th consecutive month in August, the second month of the new financial year 2021-22.
Non-resident Pakistanis remitted a record $2.66 billion last month. This is the sixth consecutive month when inflows recorded around $2.7 billion on average, according to data released by the State Bank of Pakistan (SBP) — the central bank.
In terms of growth, remittances increased by 26.8 per cent in August, which is a decade high growth rate for that month. However, inflows were marginally lower on month-on-month basis due to usual post-Eid slowdown.
“This seasonal decline was far less this year compared to historical trends,” the central bank said.
On cumulatively basis, Pakistan received $5.36 billion remittances during the first two month of financial year 2021-22, reflecting a year-on-year growth of 10.4 per cent.
Pakistan received record $29.4 billion remittances during the financial year 2020-21 compared to $23 billion it received during the financial year 2019-20.
The government expects $31 billion in remittances for the present fiscal year of 2021-22.
Saudi Arabia, UAE and the United Kingdom topped the remittances chart as overseas Pakistanis residing there remitted $694 million, $512 million and $353 million, respectively.
Non-resident Pakistanis in the United States sent $279 million in August 2021.
The central bank attributed the credit of higher remittances to proactive policy measures by the government and SBP to incentivise the use of formal channels, curtailed cross-border travel in the face of Covid-19 and altruistic transfers to Pakistan amid the pandemic.
“Orderly foreign exchange market conditions have positively contributed towards the sustained improvement in remittance inflows since last year,” the central bank said.