PM Imran Khan happy over record foreign remittances

Published: 02:02 PM, 14 Sep, 2020
Business
PM Imran Khan happy over record foreign remittances

Prime Minister Imran Khan Monday said overseas Pakistanis sent $2,095 million in remittances in August 2020 which is 24.4 percent higher than August 2019.

He said these remittances are in addition to the record $2,768 million in July 2020.

The premier said for the first two months of this fiscal year (2020-21) Pakistan’s remittances are up 31 percent over the same period in 2019.

The State Bank of Pakistan (SBP) said that in August workers’ remittances remained above $2 billion for the third month in a row. They reached $ 2.095 billion, which is 24.4 percent higher than during the same month last year and largely in line with SBP projections.

Over the last three months, remittances reached an unprecedented level of $7.3 billion, 37.2 percent higher than the same period last year.

“Efforts under the Pakistan Remittances Initiative (PRI) and the gradual re-opening of businesses in major host countries such as Middle East, Europe and United States contributed to this increase,” the SPB said in a statement issued on Monday.

The top three originating countries for remittances in August were: Saudi Arabia ($0.593 billion), UAE ($0.410 billion) and UK ($0.302 billion).

“On m/m basis, remittances were 24.3 percent lower than the record level of remittances of $ 2.768 billion posted in July, mainly reflecting the usual seasonal decline in the post Eid-al-Adha period, “the central bank said.

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