ISLAMABAD: Saudi Arabia and United Arab Emirates (UAE) continued to maintain the top spots as key contributors of remittances to Pakistan for the fiscal year 2021, central bank data showed.
“Remittance inflows during Jul-Mar FY21 were mainly sourced from Saudi Arabia ($5.7 billion), United Arab Emirates ($4.5 billion),” the State Bank of Pakistan (SBP) said in a statement on Monday.
In the third and fourth spots are overseas Pakistani workers from the United Kingdom and the United States who remitted $2.9 billion and $ 1.9 billion.
Prime Minister Imran Khan took to Twitter on Monday to thank the foreign workers for the “record-breaking remittances” despite the COVID-19 pandemic, adding that “the love & commitment of Overseas Pakistanis to Pakistan is unparalleled.”
The love & commitment of Overseas Pakistanis to Pakistan is unparalleled. You sent over $2bn for 10 straight mths despite Covid, breaking all records. Your remittances rose to $2.7bn in Mar, 43% higher than last yr. So far this fiscal yr, your remittances rose 26%. We thank you
— Imran Khan (@ImranKhanPTI) April 12, 2021
The SBP, for its part, said that proactive policy measures taken by the government and the SBP to encourage more inflows through formal channels, limited cross border travel, medical expenses and altruistic transfers to Pakistan amid the pandemic, and orderly foreign exchange market conditions were “continuing to contribute to this sustained rise in workers’ remittances.”
The statement added that overseas workers’ remittances had extended an “unprecedented streak of above $2 billion for the tenth consecutive month in March.”
“Remittances rose to $2.7 billion in March 2021, 20 percent higher than last month and 43 percent higher than March 2020,” it said.