Islamabad: Prime Minister (PM) Imran Khan on Monday announced that the country had recorded a 31% rise in remittances during the first two months of (Fiscal Year) FY2020-21 — according to a news source. Earlier, the country had registered its highest-ever remittance figure during the month of July, standing at USD 2.768 billion — with the trend also seen to continue in August; represented by a remittance increment of 24.4% to USD 2.095 billion when contrasted with the figure recorded for August 2019.
According to a country-wise breakdown for July, the highest remittances to Pakistan came from Saudi Arabia at USD 821.55 million, followed by USD 538.19 million from the United Arab Emirates. Additionally, USD 393.91 million were remitted from the United Kingdom, while USD 250.6 million came from the United States.
Meanwhile, the top three originating countries for remittances to Pakistan in August were Saudi Arabia with USD 593 million; UAE with USD 410 million; and United Kingdom with USD 302 million — with the total amounts recorded for all three countries constituting nearly 65% of the total remittances.
Reportedly, the major factors behind the aforementioned developments are the reopening of businesses around the world after the lockdown imposed in light of the coronavirus pandemic, and the local government’s various initiatives launched recently to boost remittances.
