Karachi: The State Bank of Pakistan (SBP) on Friday (October 08) reported that expatriates sent USD 8 billion in the first quarter (July-Sept) of the fiscal year 2021-22 – which is the highest-ever remittances to be received by Pakistan, news sources reported.
The inflows received this quarter are 12.5% higher than those of the previous fiscal year, with the highest USD 2.7 billion remittances received in September-2021. SBP has reported that overseas Pakistanis have maintained a ‘strong momentum’ by exceeding USD 2 billion in deposits since June 2020. Reportedly, overseas Pakistanis sent USD 29.4 billion during the last fiscal year ending in June while the inflow is expected to surpass this year based on the current momentum.
As per the breakdown of the remittances received, the highest greenbacks were sent from the Kingdom of Saudi Arabia (KSA) reaching up to USD 2.025 billion which is 2.6% less than the same period last year. In September alone, expatriates sent USD 691 million back home from KSA. The second highest remittance was received from the United Arab Emirates (UAE) with an 8.7% increase reaching USD 1.545 billion. The inflows from UK and USA noted a growth of 13.2% and 32% amounting to USD 1.115 billion and USD 836 million respectively. The SBP report stated that for the first time the remittances from the USA and UK has surpassed inflow from the GCC countries with a rise of 47.8% as compared to the same period last year.
Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.
