Pakistan records remittances over $2b for 10th consecutive month

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Pakistan saw an increase of 26% in remittances, with a record run of above $2 billion in remittances for the 10th consecutive month in March, the State Bank of Pakistan said Monday.

“At $2.7bn, the remittances were up 20% compared to February and 43% compared to March 20. Cumulatively, the remittances have risen to $21.5bn during July-March FY21, up 26% over the same period last year,” the central bank said on Twitter.

‘Unparalleled love and commitment of overseas Pakistanis’

Expressing immense happiness over the development, Prime Minister Imran Khan lauded the overseas Pakistanis for their “unparalleled love and commitment for the country”.

“You sent over $2bn for 10 straight mths despite Covid, breaking all records. Your remittances rose to $2.7bn in March, 43% higher than last year,” the premier wrote on Twitter.

He thanked the overseas Pakistanis for their support and commitment to the development of the country.

Pakistan had reported a 24.2% jump in February in remittances. According to the central bank, the development came on the heels of government incentives that attracted people abroad to send more money home through formal channels.

As a positive sign, the remittances continued exceptional performance and remained above $2 billion for the tenth consecutive month in March.

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