Remittances from overseas Pakistanis during July-September have reached record levels.
According to the SBP, over the first quarter of the current financial year, ارب 8.4 billion was remitted to Pakistan by overseas Pakistanis, a record amount of remittances during any quarter.
Arif Habib Limited says that this remittance during any quarter is the highest record in the history of Pakistan. Samiullah Tariq, Head of Research, Pak-Kuwait Investment Company Limited, said that due to Corona, travel and other restrictions also forced Pakistanis abroad to send remittances through legal channels, which led to the increase.
According to the central bank’s data, the largest remittances came from Saudi Arabia, with Pakistanis sending ارب 2.2 billion to Saudi Arabia between July and September, down two percent from the same period last fiscal. Pakistanis sent ارب 1.54 billion from the United Arab Emirates, compared to ارب 1.42 billion in the same period last fiscal year. The strong trend of staying above ارب 1 billion continued for the seventh consecutive month, with remittances reaching an average of ً 2.7 billion.
In terms of growth, remittances increased by 16.9% (year-on-year) in September and 0.5% on a month-on-month basis, bringing the total to 8. 8.0 billion in the first quarter of this year, compared to the same period last year. Compared to a 12.5% increase in remittances, active policy measures by the government and the SBP to encourage the use of leverage methods to improve remittance inflows since last year, in cross-border travel under Code 19. The shortages included welfare remittances to Pakistan during the epidemic and the well-organized foreign exchange market conditions.