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Non-resident Pakistanis remitted a record US$2.66 billion last month.
In August, the second month of the new fiscal year 2021-22, Pakistani diasporas remitted a record amount of more than US$2 billion for the 15th consecutive month.
Non-resident Pakistanis remitted a record US$2.66 billion last month. According to data released by the Central Bank of the State Bank of Pakistan (SBP), this is the sixth consecutive month that inflows have averaged around US$2.7 billion.
In terms of growth, remittances in August increased by 26.8%, which was the highest growth rate in the past ten years in the month. However, due to the usual slowdown after Eid, the inflows dropped slightly from the previous month.
“Compared with historical trends, this year’s seasonal decline is much smaller,” the central bank said.
Pakistan received a total of US$5.36 billion in remittances in the first two months of the 2021-22 fiscal year, a year-on-year increase of 10.4%.
Pakistan received a record US$29.4 billion in remittances in the 2020-21 fiscal year, and received US$23 billion in the 2019-20 fiscal year.
The government expects remittances to reach US$31 billion in the 2021-22 fiscal year.
Saudi Arabia, the United Arab Emirates and the United Kingdom topped the remittance rankings, and overseas Pakistanis residing there remitted US$694 million, US$512 million and US$353 million, respectively.
Non-resident Pakistanis in the United States sent $279 million in August 2021.
The central bank attributed the higher remittances to the active policy measures taken by the government and SBP to encourage the use of formal channels, reduce cross-border travel in the face of Covid-19 and selfless transfers to Pakistan during the pandemic.
The central bank said: “The orderly foreign exchange market conditions have made a positive contribution to the continuous improvement of remittance inflows since last year.”
muzaffarrizvi@khaleejtimes.com
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 holds 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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