Record remittances from overseas Pakistanis helping cash-strapped economy: Central bank

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Remittances from Pakistani employees overseas exceeded the USD 2 billion mark for the tenth consecutive month in March, the nation’s central bank stated on Monday, because the cash-strapped nation was scrambling to beat its monetary woes amid the COVID-19 pandemic.

Pakistan’s financial woes have worsened because of the coronavirus pandemic and Prime Minister Imran Khan’s authorities is arranging funds from world our bodies, together with the International Monetary Fund, to tide over the disaster. Record remittances despatched by Pakistanis working overseas is the primary supply of overseas alternate for Pakistan which is struggling to extend its exports.

“Workers’ remittances extended their unprecedented streak of above USD 2 billion for the 10th consecutive month in March,” in line with a press release by the State Bank of Pakistan (SBP). The remittances rose to USD 2.7 billion in March, which is 20 per cent increased than the earlier month and 43 per cent increased than what it was in March 2020.

“Cumulatively during July-Mar FY21, remittances have risen to USD 21.5 billion, up by 26 per cent over the same period of FY20,” it stated. It stated that remittance inflows throughout Jul-Mar FY21 have been primarily sourced from Saudi Arabia (USD 5.7 billion), United Arab Emirates (USD 4.5 billion), United Kingdom (USD 2.9 billion) and the United States (USD 1.9 billion).

“Proactive policy measures by the government and SBP to encourage more inflows through formal channels, limited cross border travel in the face of the COVID-19, medical expenses and altruistic transfers to Pakistan amidst the pandemic, and orderly foreign exchange market conditions are continuing to contribute to this sustained rise in workers’ remittances,” in line with the bank.

Prime Minister Khan stated that it confirmed that the love and dedication of overseas Pakistanis with the nation was unparalleled.

“You sent over USD 2 bn for 10 straight months despite COVID, breaking all records. Your remittances rose to USD 2.7 bn in March, 43 per cent higher than last year. So far this fiscal year, your remittances rose 26 per cent. We thank you,” he tweeted.

Finance Minister Hammad Azhar additionally stated that the employees’ remittances have recorded a exceptional improve in March as in comparison with the identical time final 12 months. “The increase in the July-March period is 26.2 per cent (from USD 17 bn to 21.5 bn),” he stated.

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