Pakistan witnesses remittances of over $2 billion for 10th consecutive month

The remittances rose to $2.7 billion in March 2021, 20% higher than last month and 43% higher than March 2020.

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  • Pakistan witnessed an increase of 26% in remittances, with a record run of above $2 billion for the 10th consecutive month.
  • PM Imran Khan praised overseas Pakistanis for their “unparalleled love and commitment for the country.”
(State Bank of Pakistan)

Pakistan witnessed an increase of 26% in remittances, with an unprecedented streak of above $2 billion for the 10th consecutive month in March 2021.

This was revealed by the State Bank of Pakistan (SBP) on Monday.

The remittances rose to $2.7 billion in March 2021, 20% higher than last month and 43% higher than March 2020.

Cumulatively during July-March FY 21, remittances have risen to $21.5 billion, up by 26% over the same period of FY20.

‘Unparalleled love and commitment of overseas Pakistanis’

Expressing immense delight over the development, Prime Minister Imran Khan lauded the overseas Pakistanis for their “unparalleled love and commitment for the country.”

“You sent over $2 billion for ten straight months despite Covid-19 breaking all records. Your remittances rose to $2.7 billion in March, 43% higher than last year,” the premier wrote on Twitter.

He praised the overseas Pakistanis for their support and commitment to the development of the country.

The Federal Minister of Finance, Hammad Azhar, also shared the news on Twitter. “The increase in the July-March period is 26.2% (from $17 billion to 21.5 billion),” he said.

Remittance inflows during July-March FY21 mainly were sourced from Saudi Arabia ($5.7 billion), United Arab Emirates ($4.5 billion), United Kingdom ($2.9 billion), and the United States ($1.9 billion).

Pakistan had reported a 24.2% surge in February in remittances.

According to the SBP, the development came on the heels of government incentives that attracted people abroad to send more money home via formal channels.

As a positive sign, the remittances continued extraordinary performance and remained above $2 billion for the tenth consecutive month in March.

What are your views on this? Share with us in the comments below.

  • Overseas Pakistanis play a key role in the standing of the economy of Pakistan. We should appreciate their struggles.

    • Agreed. IK realizes their importance but he needs to implement all the intentions into reality. He needs to restore overseas Pakistanis confidence in ability of our police to secure their properties in Pakistan. They should be treated much better by our agencies at airports and elsewhere.


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