Imran Khan prays after a cabinet meeting in Islamabad. File
Prime Minister Imran Khan on Monday praised overseas Pakistanis with some warm words as remittances sent by them home in March 2021 broke all records.
Taking to Twitter, Imran shared data of remittances and praised the overseas Pakistanis for their unparalleled love and commitment to the country.
He wrote: "The love and commitment of Overseas Pakistanis to Pakistan is unparalleled. You sent over $2bn for 10 straight months despite Covid, breaking all records. Your remittances rose to $2.7bn in March, 43% higher than last year. So far this fiscal year, your remittances rose 26%. We thank you.”
According to a State Bank of Pakistan press release, the workers’ remittances extended their unprecedented streak of above $2 billion for the 10th consecutive month in March.
Remittances rose to $2.7 billion in March this year, 20 per cent higher than last month and 43 per cent higher than March 2020.
Cumulatively during July-Mar FY 21, remittances have risen to $21.5 billion, up by 26 per cent over the same period of FY20.
Remittance inflows during Jul-Mar FY21 were mainly sourced from Saudi Arabia ($5.7 billion), United Arab Emirates ($4.5 billion), United Kingdom ($2.9 billion) and the United States ($1.9 billion).
Proactive policy measures by the Government and SBP to encourage more inflows through formal channels, limited cross border travel in the face of the 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.
Central Bank’s Governor Reza Baqir addressing a gathering at the Pakistan Stock Exchange (PSX) in Karachi said that the cooperation between the stock market and the bank is important. "Before the coronavirus pandemic Pakistan’s economic indicators were stable,” Reza Baqir said.
"Pakistan’s economy has been set on the right path,” the central bank governor said adding that the prime minister has tweeted today about improvement in the economy of the country.
"The remittances from the overseas have boosted by 26 per cent and could further enhance on the Eid,” Reza Baqir said.
The national automobile sector has also registered improvement in its performance, the governor said.
NNI News Service
The State Bank of Pakistan announced on Monday that the remittances remained above $2 billion for 8th straight month as during the corresponding month, the inflow was recorded at $2.3 billion as compared to the inflow of $1.907 billion in January 2020.
Remittances from overseas Pakistanis during December 2020 rose by 16.2 per cent year-on-year to $2.436 billion, compared to $2.097b in December 2019, clocking in above $2b mark for the seventh consecutive month, according to the latest data released by the State Bank of Pakistan.
Overall, record high inflows of workers’ remittances during FY21 have been driven by proactive policy measures by the government and SBP to encourage the use of official channels, restrictions cross-border travel, altruistic transfers to Pakistan amid the pandemic...
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