Photo used for illustrative purpose.
Gulf Today Report
The amount sent by overseas Pakistani workers during July-June (2020-2021) posted a historic annual high of $29.4 billion, showing an increase of 27 per cent when compared with the preceding years’ remittances worth of $23.13b.
"With inflows of around $2.7 billion last month, workers’ remittances continued their unprecedented streak of above $2b for a record 13 months in a row,” the State Bank of Pakistan (SBP) said a statement on Tuesday.
On year-on-year basis, the inflows posted 9 per cent growth in June 2021 over the same month of last year while on month-on-month basis the growth was recorded at 8 per cent in the corresponding month against May 2021.
According to the SBP statement, the seasonal pre-Eid related inflows helped to further boost remittances level during June.
Despite the difficult global economic situation last year, the historical growth of tributaries helped to improve the country’s external sector. Compared with the previous year, transfer payments in FY21 increased by 27 per cent, which was the strongest increase since FY03.
Remittance inflows during FY21 were mainly sourced from Saudi Arabia ($7.7b), UAE ($6.1b), Britain ($4.1b) and US ($2.7b).
Overall, record high inflows of workers’ remittances during FY21 have been driven by proactive policy measures by the Pakistan Tehrik-e-Insaf (PTI) government and SBP to encourage the use of official channels, restrictions cross-border travel in the face of virus infections, altruistic transfers to Pakistan amid the pandemic, and orderly foreign exchange market conditions.
It should be noted that the transfer amount for 12 consecutive months is $2 billion, which is the first time in the country's history that it has reached $26.7b received during July 2020-May 2021 is 29.4 per cent more than in the previous year.
Earlier, the SBP said that total liquid foreign reserves held by the country stood at $24.41 billion as of July 2, 2021.
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.
Taking to Twitter, Imran Khan shared data of remittances and praised the overseas Pakistanis for their unparalleled love and commitment to the country.
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.
These workers carry out different types of work including plantation of saplings, the establishment of nurseries and protection of tree cover from deforestation and fire incidents. It also showed that the federal government is also in a process to get a loan from foreign donor agencies that would be utilised to initiate other Clean and Green projects in Pakistan.
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