Overseas Pakistanis send over $26 bn remittances in 11 months of FY20

ISLAMABAD: Remittances to Pakistan hit $26.7 billion in 11 months of this fiscal year (July-May), the highest level on record and increased 29 percent from the same period last year, reported ARY News on Thursday.

The Finance ministry, in a statement, said proactive policy measures by the government and SBP to encourage more inflows through formal channels, curtailed cross border travel in the face of COVID-19, altruistic transfers to Pakistan amid the pandemic, orderly foreign exchange market conditions and, more recently, Eid-related inflows have contributed to record levels of remittances this year.

Remittance flows have already crossed the full FY2020 level by $3.6 billion. In the month of May only, $2.5 billion remittances were received by the overseas Pakistanis.

Read more: PM Imran thanks overseas Pakistanis after record rise in remittances

Earlier, Prime Minister Imran Khan had thanked the overseas Pakistanis for sending record remittances during the first ten months of the current fiscal year.

In a tweet, PM Imran Khan had said he always believed that overseas Pakistanis to be the country’s greatest asset.