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Pakistan receives a record US$29.4 billion in remittances in 2021-News

Pakistan receives a record US.4 billion in remittances in 2021-News


According to the latest data, as non-resident Pakistanis remitted more than US$2 billion in foreign exchange for the 13th consecutive month in June, Pakistan received a record US$29.4 billion in remittances in the 2020-21 fiscal year.

The Central Bank of the National Bank of Pakistan stated that despite the challenging global economic situation, workers’ remittances recorded US$6.24 billion, a year-on-year increase of 27%, improving the country’s status in the external sector.

“This is the fastest growth in remittances since the 2002-03 fiscal year,” the central bank said.

Pakistan received USD 23 billion in remittances in the 2019-20 fiscal year. The government has set a $31 billion remittance for the 2021-22 fiscal year. (View the latest gold/foreign exchange rates in the UAE)

Saudi Arabia and UAE lead

Overseas Pakistanis living in the UAE and Saudi Arabia continue to play a leading role. They remitted a record US$13.77 billion from July to June 2021, compared to US$12.22 billion in the corresponding fiscal period. Despite the difficulties since then, they still Achieved a strong growth of 12.68% Covid-19 pandemic.

Non-resident Pakistanis in Saudi Arabia sent 7.66 billion U.S. dollars in remittances in 2020-21, compared with 6.61 billion U.S. dollars in 2019-20, an increase of 16%. Overseas Pakistanis living in the UAE sent 6.11 billion U.S. dollars in the 2020-21 fiscal year, compared with 5.61 billion U.S. dollars in the 2019-20 fiscal year, an increase of 8.9%.

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“In general, the government and SBP have adopted proactive policy measures to promote the record inflow of workers’ remittances from 2020-21 to encourage the use of official channels, reduce cross-border travel in response to the Covid-19 infection, altruism in the pandemic and the Transfer to Pakistan under the orderly foreign exchange market conditions,” the central bank said.

Middle East dominates

According to SBP data, the inflow of funds from other Gulf Cooperation Council countries was US$3.31 billion, and the growth rate in 2020-21 was 13.7%, compared with the growth rate of 37% in the previous year.

The total inflow of funds from the Middle East in 2020-21 was US$17.09 billion, accounting for 58.1% of Pakistan’s total overseas remittances that year.

“In the 2020-21 fiscal year, remittances climbed to 29.37 billion U.S. dollars, an increase of 27% from such a high base. It clearly demonstrates the convenience brought by digital banking, confidence in the economy, and better investment channels in Pakistan,” Chief Executive Muzammil Aslam (Muzammil Aslam) members of Tangent Capital Advisors wrote on Twitter.

U.K., U.S. rebounded

In addition to the Middle East and the Gulf region, the United Kingdom (US$4.1 billion) and the United States (US$2.7 billion) have also become major contributors to remittances in 2020-21, a year-on-year increase of 58% despite the pandemic.

The inflow of funds from EU countries remains strong. Remittances reached US$2.709 billion during 2020-21, compared with US$1.778 billion in the previous fiscal year, an increase of 52.3%.

–muzaffarrizvi@khaleejtimes.com

Author

Muzaffar Rizvi

The business editor/news editor of Khaleej Times is a well-connected reporter and economic and financial commentator. Since 1997, he has been engaged in mainstream journalism, covering the UAE’s economy and key sectors. He has a graduate degree in economics and has won many awards for his true and insightful reports on global and regional business and economic trends.






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