Pakistan remittances remain over 2bn USD for 10th month

The remittances rose to $2.7 billion in March 2021, which was 20 per cent higher than those of February and 43 per cent higher than those of March 2020, Xinhua news agency quoted a statement by the State Bank of Pakistan (SBP) issued on Monday as saying.

"Cumulatively during July-March of FY21 (from July 2020 to June 2021), remittances have risen to $21.5 billion, up by 26 per cent over the same period of FY20," the statement said.

The central bank termed proactive policy measures by the government and the SBP to encourage more inflows through formal banking channels, limited cross-border travel in the face of Covid-19, medical expenses and altruistic transfers to Pakistan amidst the pandemic as the main reasons for the increasing remittances.

"Orderly foreign exchange market conditions are also continuing to contribute to this sustained rise in workers' remittances," said the statement.

Prime Minister Imran Khan on Monday hailed the increase in the remittances and expressed gratitude to overseas Pakistanis for their support.