Remittances hit all-time monthly high of $2.8bn in April

Remittances hit all-time monthly high of $2.8bn in April

KARACHI: State Bank of Pakistan (SBP) on Tuesday said that the inflow of workers’ remittances rose to an all-time monthly high of $2.8 billion in April 2021, which is 56 percent higher than during the same month last year.

On a cumulative basis, remittances have also surpassed previous records. At $ 24.2 billion in July-April FY21, remittances grew by 29 percent over the same period last year and have already crossed the full FY20 level by more than $1 billion.

Remittance inflows during July-April FY21 were mainly sourced from Saudi Arabia ($6.4 billion), United Arab Emirates ($5.1 billion), United Kingdom ($3.3 billion) and the United States ($2.2 billion).

Proactive policy measures by the Government and SBP to encourage more inflows through formal channels, curtailed cross border travel in the face of COVID-19, altruistic transfers to Pakistan amid the pandemic, orderly foreign exchange market conditions and, more recently, Eid-related inflows have contributed to record levels of remittances this year.

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