Lahore: The State Bank of Pakistan (SBP) on Monday notified a total remittance increase of eight-percent during the last four months (since the nationwide outbreak of the coronavirus pandemic); when contrasted with the same period of the previous year — a news source reported.
Remittances during (Fiscal Year) FY2019-20 stood at USD 23.12 billion, which was 6.4% higher than the previous year. Specifically, during the months of March, April, May, and June, the number was even higher at 7.8%.
The USD 2.47 billion worth of remittances collected during June 2020 were 50% higher when compared to the USD 1.64 billion collected during June 2019.
Additionally, the country-wise breakdown for June 2020 was as follows: USD 610 million from Saudi Arabia; USD 450 million from the United States; USD 430 million from the United Arab Emirates; and USD 400 million from the United Kingdom. This is an increase of 42%, 7%, 34%, and 41% respectively.
