Imran Khan thanks Overseas Pakistanis for ‘record-breaking’ month of remittances

Imran Khan thanks Overseas Pakistanis for ‘record-breaking’ month of remittances

ISLAMABAD: Prime Minister Imran Khan thanked Pakistanis overseas after seeing a record breaking month of remittances of up to $ 2.27 billion in January 2021.

Prime Minister Imran Khan said in his Twitter posts: “Good news from the industrial sector, which shows sustained growth.”

He said large-scale manufacturing saw another month of double-digit growth in December 2020, up to 11.4% from December 2019, while cumulative growth from July to December was recorded beyond 8%.

The prime minister thanked Pakistan overseas after record remittances in the current fiscal year of 24% compared to last year. He said remittances from overseas Pakistanis were $ 2.27 billion in January, up 19% from January 2020, the eighth consecutive month of remittances exceeding $ 2 billion.

Data released by the State Bank of Pakistan (SBP) earlier in the day showed Pakistan maintained strong momentum in workers’ remittances for the eighth consecutive month in January 2021 with over $ 2 billion.

Pakistan received remittances worth $ 2.3 billion last month. Compared to the same period last year January, 2020, 19% increases. However, remittances reduced slightly from $ 2.4 billion in December 2020.

Cumulatively, workers’ remittances reached $ 16.5 billion in the July-January period of fiscal year 21, up 24% over the corresponding year last year.

Most of the workers’ remittances in the July-January period of fiscal year 21 came from Saudi Arabia ($ 4.5 billion), the United Arab Emirates ($ 3.4 billion), the United Kingdom ($ 2.2 billion) and the United States ($ 1.4 billion).

“This sustained increase in workers’ remittances largely reflects the increasing use of the banking channel attributed to continued efforts by the government and the SBP to attract inflows through the official channel, limited cross-border travel in the midst of the second COVID-19 waves and a regime flexible exchange rate, “the SBP said.

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