Pakistan Witnesses An Increase 26 % In Remittances: SBP

(@fidahassanain)

Pakistan witnesses an increase 26 % in remittances: SBP

State Bank of Pakistan says at $2.7bn, the remittances were up 20% compared to February and 43% compared to March 20. Cumulatively, the remittances have risen to $21.5bn during July-March FY21, up 26% over the same period last year.

KARACHI: (UrduPoint/Pakistan Point News-April 12th, 2021) State Bank of Pakistan said that the country witnessed an increase 26 per cent in remittances, with a record run of above $2 billion in remittances for the 10th consecutive month in March

Taking to Twitter, the Central bank said: “At $2.7bn, the remittances were up 20% compared to February and 43% compared to March 20. Cumulatively, the remittances have risen to $21.5bn during July-March FY21, up 26% over the same period last year,”.

Prime Minister Imran khan appreciated the role of Overseas Pakistanis for their “unparalleled love and commitment for the country”.

The PM said: “You sent over $2bn for 10 straight mths despite Covid, breaking all records. Your remittances rose to $2.7bn in March, 43% higher than last year,”. He thanked the Overseas Pakistani for their support and commitment to the development of the country.

In February, Pakistan had reported a 24. 2 per cent jump.

According to the Central Bank, the development came on the heels of government incentives that attracted people abroad to send more money home through formal channels. The remittances as per positive sign continued exceptional performance and remained above $2 billion for the tenth consecutive month in March.

Fida Hussnain

Fida Hussnain is a lahore based journalist. He writes on politics, religion, social issues and climate change. He is also a research fellow at University of Gujrat.