Remittances observed at highest in FY21


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KARACHI: As per the data released by the State Bank of Pakistan, the overseas Pakistanis for the consecutive 13th month have sent remittances above $2bn.

According to the data, the remittance sent by overseas Pakistanis in the month of June is observed at Rs2.7bn showing a growth of 8pc on a month-on-month basis.

Similarly, on a year-on-year basis, the growth in remittances is recorded above 9pc.

As per the statement of the Central Bank, the reason behind the increase in remittances is the upcoming Eid-ul-Adha and the effective policy implementation of the government and compelling the people to use formal banking channels.

The country-wise breakdown of remittances during FY21 included $7.7bn from Saudi Arabia, $6.1bn from United Arab Emirates (UAE), and $4.1bn from the United Kingdom.

 

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