Lahore: According to news reports, the State Bank of Pakistan (SBP) announced on Monday that remittances from overseas Pakistanis surpassed USD 2 billion for the tenth consecutive month in March, totaling USD 2.7 billion, up 43 percent from the same month last year.

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The official SBP statement attributed the clear increase to the government’s and the SBP’s constructive policy actions, which boosted inflows through formal channels. Other factors leading to the pandemic include restricted cross-border travel, medical costs, and altruistic transfers.

Furthermore, Prime Minister Imran Khan praised the progress on Twitter, expressing appreciation for overseas Pakistanis’ dedication and affection.

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According to reports, Saudi Arabia accounted for a significant portion of the remittances received from July to March in fiscal year (2020-21) FY21, totaling USD 5.7 billion. The United Arab Emirates (UAE) made the second-largest contribution, amounting to USD 4.5 billion. According to the central bank, contributions from overseas Pakistanis have been settled in the United Kingdom (USD 2.9 billion) and the United States (USD 1.9 billion).

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