Karachi: The data shared by the State Bank of Pakistan has revealed that Pakistan has recorded a two-decade high growth in remittance received from overseas Pakistanis during the fiscal year 2020-22, a news source reported on July 13. The FY 2020-21 remittances amount to USD 29.4 billion.
The remittances received during the FY 2019-20 stood at USD 23.13 billion, which means that the amount received in FY 2020-21 is higher by 27% in comparison. The remittances received in June 2021 stood at USD 2.7 billion – a figure higher by 9% as compared to the statistics recorded during the same month last year. Not just this, the over USD 2 billion streak has continued for 13 consecutive months now.
Moreover, the breakdown of the remittance received shows that the highest remittance has been received from four countries with expats in Kingdom of Saudi Arabia sending USD 7.7 billion, United Arab Emirates (UAE) USD 6.1 billion, United Kingdom (UK) USD 4.1 billion and those in United States of America (USA) remitting USD 2.7 billion.
As per the apex bank, the high inflow of remittances is mostly attributed to Eid-ul-Adha, as well as the government’s corrective and proactive policy measures to facilitate expats and encourage them to utilise legitimate and legal channels to transfer money.
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.
