Lahore: The State Bank of Pakistan (SBP) on Monday revealed that remittances from overseas Pakistanis have exceeded USD 2 billion for the 10th consecutive month in March – amounting to USD 2.7 billion which is 43% higher than the corresponding figures of last year, according to news sources.
The official SBP statement associated this consistent increase to the proactive policy steps taken by the government and the SBP – which spurred inflows through formal channels. Other contributing factors include limited cross-border travel, medical expenses and altruistic transfers amid the pandemic.
Moreover, Prime Minister Imran Khan also lauded the development on Twitter and expressed gratitude for the commitment and love of overseas Pakistanis.
Reportedly, the large share of remittances that came in from July to March in fiscal year (2020-21) FY21 were from Saudi Arabia – amounting to USD 5.7 billion. The second highest contributions came from the United Arab Emirates (UAE), which amounts to USD 4.5 billion. Overseas Pakistanis who have contributed are reported to be settled in Britain (USD 2.9 billion) and in United States (USD 1.9 billion), the central bank said.