PM praises overseas Pakistanis after record-breaking remittances in March

By: News Desk      Published: 10:51 AM, 12 Apr, 2021
PM praises overseas Pakistanis after record-breaking remittances in March

Prime Minister Imran Khan Monday praised overseas Pakistanis with some warm words as remittances sent by them sent back home in March 2021 broke all records.

Taking to Twitter, PM Khan shared data of remittances and praised the overseas Pakistanis for their unparalleled love and commitment to the country.

He wrote: “The love & commitment of Overseas Pakistanis to Pakistan is unparalleled.   You sent over $2bn for 10 straight mths despite Covid, breaking all records. Your remittances rose to $2.7bn in Mar, 43% higher than last yr. So far this fiscal yr, your remittances rose 26%. We thank you.”

According to a State Bank of Pakistan press release, the workers’ remittances extended their unprecedented streak of above $2 billion for the 10th consecutive month in March.

Remittances rose to $2.7 billion in March 2021, 20 percent higher than last month and 43 percent higher than March 2020.

Cumulatively during July-Mar FY 21, remittances have risen to $21.5 billion, up by 26 percent over the same period of FY20.

Remittance inflows during Jul-Mar FY21 were mainly sourced from Saudi Arabia ($5.7 billion), United Arab Emirates ($4.5 billion), United Kingdom ($2.9 billion) and the United States ($1.9 billion).

Proactive policy measures by the Government and SBP to encourage more inflows through formal channels, limited cross border travel in the face of the COVID-19, medical expenses and altruistic transfers to Pakistan amidst the pandemic, and orderly foreign exchange market conditions are continuing to contribute to this sustained rise in workers’ remittances.