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Pakistan's Remittances rise to all-time high of $2.8bn in April, up 56% YoY

hydrabadi_arab

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The record spree of remittances continued despite the COVID-19 pandemic as workers’ remittances rose to an all-time monthly high of $2.8 billion in April 2021.

As per data released by the State Bank of Pakistan (SBP) on Tuesday, the workers remittances grew 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.

On the development, Prime Minister Imran Khan also thanked the overseas Pakistanis for sending record 24.2 billion dollars remittances during the first ten months of the current fiscal year.

In a tweet today (Tuesday), the prime minister said he always believed that overseas Pakistanis to be the country's greatest asset.

“I have always believed Overseas Pakistanis to be our greatest asset. In April, your remittances rose to an all-time high of $2.8bn. Remitting $24.2bn in first 10 months of FY21, you have broken the record level achieved in entire FY20. Thank you for your faith in Naya Pakistan,” said Khan in a tweet post.

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).

The SBP said that 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.

 

hydrabadi_arab

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Pakistan remittances will be around $29 billion this FY. Thats huge increase all thanks corona who stopped smuggling of currency and hundi. That increase alone will help Pakistan GDP growth by 2%.
 

Chakar The Great

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Wow that's massive.


I remember when last year the remittances were going up Patwaris were telling us that reason behind that was because overseas Pakistanis were selling every thing abroad and returning home with all the money. What happened now??


If by the end of the year its US 29 $ Billion, that would be huge.


Imran Khan is right, Pakistanis living abroad are real assets of Pakistan. More people need to be sent abroad specially for white colour jobs. We should target around 50 billion dollars per year over the next 5 years.
 

Iltutmish

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Thank you hardworking overseas Pakistanis :-).

1. Even if most recipients are family, the consumption takes place in Pakistan. Nobody imports Lamborghinis from Italy with this money.
2. Pakistanis in Pakistan should take note and be thankful when their family members from abroad arrive and don't give them the "gimmie this and gimmie that" attitude. They are your brothers, cousins, fathers, uncles and grandfathers and not your personal ATM or your backup for your poor financial decisions!
3. Overseas Pakistanis help Pakistani economy and stabilize the PKR.

But those numbers are good on the one hand but OTOH it's just a sign how dependant our people are from overseas goodies. Pakistan needs entrepreneurial spirit and a healthy attitude towards wealth building and personal finances. My cousins want the latest iPhones but don't want to finish school, they work the lowest job possible and have no drive to achieve more in life. Whats wrong people?

All the West Pakistanis (hihi, you see what I did there?) I know are hard-working people always thinking too much about their ungrateful family at home. My Pakistani neighbour went to Pakistan back in November to prevent property fraud with his property in Pindi. You know who the fraudster was? His own brother!
 

VCheng

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1. Even if most recipients are family, the consumption takes place in Pakistan. Nobody imports Lamborghinis from Italy with this money.
May be not Lambos, but Pakistani markets are full of imported goods to cater to the demand created by all the recipients of the remittances for some reason.
 

Iltutmish

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May be not Lambos, but Pakistani markets are full of imported goods to cater to the demand created by all the recipients of the remittances for some reason.
True… but my experience is that all the fancy electronics aren’t bought in Pakistan, Cousin Ali buys them in Birmingham and brings them to Pakistan.
 

Syed1.

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May be not Lambos, but Pakistani markets are full of imported goods to cater to the demand created by all the recipients of the remittances for some reason.
And you are saying that after surveying Pakistani markets or you get a live feed of them sitting in the US?
 

Iltutmish

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And the cheeses, chocolates, makeup items, shoes, etc etc?
I don’t know about that but my mother literally bought hundreds of chocolate bars here in the local supermarket for our Pakistan trip later this year.
 

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