Pakistan gets record $18 billion remittances in 7 months of 2021-22

Pakistan sustained an upward trend to receive workers' remittances above $2 billion for the 20th consecutive month in January as overseas Pakistanis remitted record $18 billion during the first seven months of financial year 2021-22, according to official data.

The latest data released by the central bank, State Bank of Pakistan (SBP), showed that remittance inflows surged 9.1 per cent last month.

The central bank further noted that remittance inflows declined by five per cent compared to January 2021 due to ease of travel restrictions. Remittances fell by 14.9 per cent compared to previous month, according to the central bank.

Overseas Pakistanis residing in Saudi Arabia and the UAE continued to remit the highest amount as they sent $540 million and $374 million last month, respectively.

The United Kingdom and the United States also joined the top remitting countries as overseas workers remitted $320 million and $208 million, respectively.

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Pakistan economy has received much-needed support and relief through a consistent upward remittances trend since June 2020.

The government expects $31 billion in remittances for the current fiscal year of 2021-22. Pakistan received record $29.4 billion remittances during 2020-21 compared to the $23 billion received during 2019-20.

• Pakistan