Karachi: According to data given by the State Bank of Pakistan, during the fiscal year 2020-22, Pakistan saw a two-decade high surge in remittances received from overseas Pakistanis. The total remittances for FY 2020-21 are USD 29.4 billion.
Remittances received in FY 2019-20 totaled USD 23.13 billion, implying that the amount received in FY 2020-21 will be 27% greater than in FY 2019-20. The total amount of remittances received in June 2021 was USD 2.7 billion, up 9% from the same month the previous year. Not only that, but the run of over USD 2 billion has now lasted 13 months.
Furthermore, the highest remittances were received from four countries, with expats in the Kingdom of Saudi Arabia sending USD 7.7 billion, the United Arab Emirates (UAE) USD 6.1 billion, the United Kingdom (UK) USD 4.1 billion, and those in the United States of America (USA) sending USD 2.7 billion.
The government’s corrective and proactive policy actions to facilitate expats and encourage them to use legitimate and legal channels to transfer money, according to the apex bank, are largely responsible for the huge influx of remittances.