Karachi: Pakistan has received record-high remittances worth USD 2.678 billion during the first month of the Fiscal Year (FY) 2020-21, according to a news source published on August 18. This increase followed the record USD 23 billion remittances received during the outgoing year.
The State Bank of Pakistan (SBP) on Monday released a press statement claiming that USD 2.768 is the highest-ever level of remittances received in a single month. As per the tweet posted by Prime Minister (PM) Imran Khan, the remittance boost stands at an 12.2% increase over June 2020 and a 36.5% increase over July 2019.
The SBP report revealed that the highest amount was received from Saudi Arabia, while the highest growth percentage was observed from the countries of the European Union (EU). Pakistan obtained about USD 821 million from Saudi Arabia in July 2020 — a 74.5% increase from last year’s USD 470 million. Other prominent countries in terms of remittances are: United Arab Emirates (UAE) with USD 538.2 million, United Kingdom (UK) with USD 393.9 million and United States with USD 250.6 million.
Moreover, the SBP report expressed hope that despite the devastating impact of the prevailing coronavirus pandemic on the global economy, the increase in remittances is encouraging.
Hazafa reveres the art of writing and has been turned into a property enthusiast by profession. Her daily survival kit includes; tea, coffee, keyboard and paperbacks.
