Compensations from Pakistani workers used abroad Remittances exceeded $2 billion for the eighth straight month in January at $2.3 billion, up 19 per cent from a year previously, the nation’s central bank claimed on Monday.
Sharing the figures on Twitter, Prime Minister Imran Khan thanked abroad Pakistanis.
“This is a record for our nation, as well as I thank our overseas Pakistanis,” he stated.
The sustained boost in remittances mainly shows the expanding use of banking networks that is attributed to continued efforts by the government as well as the central bank to draw in inflows with official channels, the State Financial institution of Pakistan said in a statement.
Minimal cross-border traveling due to a 2nd wave of coronavirus pandemic, and a versatile exchange rate regimen also boosted compensations, it included.
Traveling restrictions and introduction of electronic applications for moving cash are the main reasons behind greater remittances to name a few, Samiullah Tariq, head of r & d at Pakistan Kuwait Investment Company, informed Reuters.
According to the SBP, a huge part of the remittances during the July to January period in FY21 was sourced from Saudi Arabia ($4.5 bn), United Arab Emirates ($3.4 bn), UK ($2.2 bn) and also United States ($1.4 bn).
Details Priest Shibli Faraz claimed the continual boost in remittances was a “clear sign that overseas Pakistanis trust the clear management of PM Imran Khan”.