Pakistan receives record $29.4 billion remittances in 2021

Dubai - Workers’ remittances hit $2b plus mark for 13th consecutive month in June, 2021.

Pakistan received record $29.4 billion remittances during the financial year 2020-21 as non-resident Pakistanis continued to send over $2 billion foreign exchange for the 13th consecutive month in June, latest data shows.

State Bank of Pakistan, the central bank, said workers' remittances registered a substantial $6.24 billion, or  27 per cent year-on-year growth, improving the country’s external sector position despite the challenging global economic conditions.

"This is the fastest growth in remittances since the financial year 2002-03," the central bank said.

Pakistan received $23 billion in remittances during the financial year 2019-20. The government has set $31 billion in remittances for the present fiscal year of 2021-22. (Check out the latest gold/forex rates in UAE)

Saudi, UAE lead

Overseas Pakistanis residing in the UAE and Saudi Arabia continued to play the lead role as they remitted a record $13.77 billion during July-June 2021 compared to $12.22 billion in the corresponding fiscal period, reflecting a strong 12.68 per cent growth despite difficult times in the wake of the Covid-19 pandemic.

Non-resident Pakistanis in Saudi Arabia remitted $7.66 billion in 2020-21 as against $6.61 billion in 2019-20, showing an increase of 16 per cent. Overseas Pakis­tanis residing in the UAE sent $6.11 billion during the fiscal year 2020-21 compared to $5.61 billion in 2019-20, reflecting an increase of 8.9 per cent.

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"Overall, record-high inflows of workers’ remittances during 2020-21 have been driven by proactive policy measures by the Government and SBP to incentivise the use of formal channels, curtailed cross-border travel in the face of Covid-19 infections, altruistic transfers to Pakistan amid the pandemic, and orderly foreign exchange market conditions," the central bank said.