LAHORE: Remittances sent home by Pakistanis working overseas exceeded $2 billion in June for a record 13th month in a row, registering a growth of 27 per cent in FY21 over the previous year which was the fastest rate of expansion since FY03, the State Bank of Pakistan (SBP) said on Tuesday.
Inflows of around $2.7 billion in June 2021 showed 9 per cent growth on a year-on-year basis and 8pc on a month-on-month basis, the central bank said.
“Workers’ remittances continued their unprecedented streak of above $2 billion for a record 13th consecutive month,” the SBP said, adding seasonal pre-Eid ul Adha related inflows helped further boost remittances level during June.
Remittance inflows during FY21 were mainly sourced from Saudi Arabia (at $7.7 billion), United Arab Emirates ($6.1 billion), United Kingdom ($4.1 billion) and the United States ($2.7 billion).
“Overall, record high inflow of workers’ remittances during FY21 was driven by proactive policy measures by the government and SBP to incentivise the use of formal channels, curtailment of cross-border travel in the face of Covid-19 infections and altruistic transfers to Pakistan amid the pandemic,” the central bank said.