Karachi: According to news reports, the State Bank of Pakistan (SBP) said on Friday (October 8) that expats sent USD 8 billion in the first quarter (July-September) of fiscal year 2021-22, which is the greatest amount of remittances ever received by Pakistan.

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The inflows received this quarter are 12.5 percent greater than the previous fiscal year, with September-2021 receiving the largest USD 2.7 billion in remittances. According to the SBP, overseas Pakistanis have maintained a’strong pace’ by depositing more than USD 2 billion since June 2020. According to reports, abroad Pakistanis sent USD 29.4 billion to Pakistan during the previous fiscal year, which ended in June, and the inflow is projected to exceed this year’s baseline.

According to the breakdown of remittances received, the Kingdom of Saudi Arabia (KSA) sent the most greenbacks, amounting to USD 2.025 billion, which is 2.6 percent less than the same period last year. Expatriates sent USD 691 million home from Saudi Arabia in September alone.

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With a rise of 8.7% to USD 1.545 billion, the United Arab Emirates (UAE) received the second biggest remittance. Inflows from the United Kingdom and the United States increased by 13.2 percent and 32 percent, respectively, to USD 1.115 billion and USD 836 million. According to the SBP data, remittances from the United States and the United Kingdom have surpassed inflows from the GCC countries for the first time, with a 47.8% increase over the previous year.

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