Pakistan Foreign remittances hit highest level of history

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Pakistan Foreign remittances hit highest level of history

ISLAMABAD – Remittances sent by overseas Pakistanis registered a substantial 27 per cent growth in the outgoing fiscal year 2021-22, the fastest rate of expansion since FY2003.

The remittances, according to the State Bank of Pakistan (SBP), have helped boost the country’s currency reserves and made it able to make international payments for imports and debt repayments.

“On a cumulative basis, remittances rose to a historic annual high of $29.4 billion in FY21. This has helped improve the country’s external sector position despite the challenging global economic conditions in the past year,” said the State Bank of Pakistan (SBP) link.

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As per the latest report shared by the central bank on Thursday, Total liquid foreign reserves held by the country stood at $24.41 billion.

The remittances received in FY21 were up by a massive 27% on Year on Year basis compared to $23.13 billion in FY20.

During the year, monthly average remained well above $2 billion, another historic record.

The major chunk of the remittances received from Saudi Arabia, United Arab Emirates and United Kingdom as amount received from these three countries contributed about 61% in total remittances.