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Pakistanis working abroad remit record $2.44 billion in June: SBP

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Web Desk
Web Desk
News Stories Posted by ARY News Digital Team

ISLAMABAD: Workers’ remittances rose by a significant 50.7 per cent to reach a record high of $2,466.2 million in June, compared with $1,636.4 million remitted in last year’s corresponding period.

Similarly, on a cumulative basis, workers’ remittances increased to a historic high level of $23.12 billion during FY20, witnessing a growth of 6.4 per cent over $21.73 billion during FY19, according to the State Bank of Pakistan (SBP).

Workers’ remittances registered an increase of 7.8 per cent during March-June 2020 pandemic period, compared with the corresponding period of 2019.

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According to country-wise details of remittances for the month of June, inflows from Saudi Arabia, USA, UAE, and UK amounted to US$ 619.4 million, US$ 452 million, US$ 431.7 million, and US$ 401 million, recording an increase of 42 per cent, 7.1 per cent, 33.5 per cent and 40.8 per cent, respectively, as compared to May 2020.

The significant increase in remittances during June can be attributed to a number of factors, the central bank said.

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“Since many of the countries eased lockdown in June, overseas Pakistanis were able to transfer accumulative funds, which they were unable to send earlier. Further, it is also believed that they sent remittances to support extended families and friends due to COVID19,” it added.

In addition to these, the SBP said, efforts by the government and SBP also played their role in the increased inflow of workers’ remittances during FY20 in general and Covid-19 period, March till June 2020, in particular.

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