Islamabad: The State Bank of Pakistan (SBP) recently announced that remittances by overseas Pakistanis have risen to an all-time high of USD 2.8 billion in April, according to news sources. This is an increase of 56%, as compared to the same time period a year ago.
Furthermore, from July 2020 to April 2021, workers’ remittances increased by 29% (USD 24.2 billion) as compared to the same period last year — setting a new record.
The country’s central bank revealed that the cash inflows mainly came from Saudi Arabia (USD 6.40 billion), United Arab Emirates (USD 5.08 billion), United Kingdom (USD 3.33 billion), and the United States (USD 2.22 billion). In a statement posted on his official Twitter account, Prime Minister Imran Khan praised the overseas Pakistanis for believing in the spirit of ‘Naya Pakistan’ and in trusting the current government.
In a similar development, Pakistan’s foreign exchange reserves have risen by USD 168 million. With the aforementioned recent rise in remittances, the SBP’s reserves surged to USD 15.775 billion (up from USD 15.598 billion).
