Remittances rise to an all-time high of $2.8bn in April
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Remittances by overseas Pakistani continued to surge, rising to an all-time high of $2.8 billion in April, 56 per cent higher than a year ago, the State Bank of Pakistan (SBP) said on Tuesday.
Cumulatively, during the July-April FY21 workers’ remittances rose to an unprecedented level of $24.2bn, up by 29pc, compared to the same period last year.
These have also surpassed the full FY20 level by over $1bn, creating a new record, the central bank said.
Inflows during the July to April period were mainly sourced from Saudi Arabia ($6.40bn), United Arab Emirates ($5.08bn), United Kingdom ($3.33bn), and the United States ($2.22bn).
Proactive policy measures by the government and the SBP to encourage more inflows through formal channels, curtailed cross-border travel in the face of Covid-19, altruistic transfers to Pakistan amid the pandemic, orderly foreign exchange market conditions and Eid-related inflows have contributed to record levels of remittances this year.
Reacting to the development, Prime Minister Imran Khan said that he "always believed overseas Pakistanis to be [the country's] biggest asset".
"Remitting $24.2bn in first 10 months of FY21, you have broken the record level achieved in the entire FY20. Thank you for your faith in Naya Pakistan," he said.
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May 18, 2021 11:52am
Overseas Pakistanis are sending more to their families now because pti govt has destroyed the economy. No acheivement here.
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May 18, 2021 11:53am
If the PM gets replaced and becomes anti-establishment; then Nawaz will have a serious challenger on his hands because the "real-non-fake" vote bank will shift - genuinely - towards Khan.
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May 18, 2021 11:57am
Its a real difficult to send money to pakistan due to compliance issues
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May 18, 2021 11:57am
The govt is smoking something special if they think the remittances are increasing because of them…we expats send money to Pak for our loved ones and that is it.
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May 18, 2021 11:58am
Support Overseas Pakistanis!
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May 18, 2021 12:05pm
Thank you for your faith in naya Pakistan! Are you kidding? It's because of unemployment and rising inflation in Pakistan that everyone is going abroad and sending money home to feed their families in naya Pakistan.
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May 18, 2021 12:05pm
just thanking the overseas pakistani cash cows does not resolve the problems they face when they visit pakistan like humiliation and extortion by the customs, immigration and the airport staff on their arrival and departure. the governments do change hands but these problems remain.
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May 18, 2021 12:06pm
Thanks to IK policies who forced overseas Pakistani to send more money to their families to ease their lives.
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May 18, 2021 12:12pm
How Imran Khan is thinking that it is his achievement that overseas Pakistanis are sending more money to Pakistan?. The truth is that most of our relatives are jobless and inflation is sky high. The people like us are now forced to send more money thanks to Naya Pakistan.
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May 18, 2021 12:18pm
Awash in cash. Money money everywhere and yet, still more needed to pay off the crushing debt the nation is saddled with from the looting former PM, Nawas Sharif.
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May 18, 2021 12:30pm
Imran Khan's Roshan digital accounts for over seas Pakistanis is doing the trick. Massive success. Around $5 billion rise in remittance already.
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May 18, 2021 12:33pm
Forex reforms started showing up phenomenal results.
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May 18, 2021 12:34pm
I believe freelancers have contributed majorly to the drastic growth in remittance due to unemployment and low economic growth, the youth has transitioned to freelancing sites as Upwork and Fiver.
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May 18, 2021 12:43pm
Well done IK. Those who cant see this man's worth must be blind or lacks imagination.
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May 18, 2021 12:43pm
Well-done government and thanks to the expats who are trusting PTI government for their generous support
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May 18, 2021 12:45pm
Great.
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May 18, 2021 12:48pm
Well done Imran Khan, we understand the challenges you face, the mafias you are exposing, and we are with our captain to the hilt.
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May 18, 2021 12:51pm
Keep prasing overseas Pakistanis for remittances but don't allow us to use our personal mobile phones set for more than 2 months if we stay in Pakistan for more than 2 months OR return to Pakistan with same phone set. Still want grab more money from us in form of taxes. Shame
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May 18, 2021 01:14pm
Great trend for remittances to Pakistan. Well done PTI government!
Wonder why this never happened under previous governments of PPP and PMLN?
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May 18, 2021 01:15pm
Wont be surprised if loan is taken to pay interest on these accounts next year
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May 18, 2021 01:18pm
Dear PM, nothing to do with naya Pakistan please, except for Roshan digital accounts. Curtailed travel and Eid were biggest reasons this month.
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May 18, 2021 01:22pm
Time to give them some regard. Sell plots or houses the way military personnel give it to their retired persons. This will encourage more remittances from Pakistani abroad. Make sure there is no dispute in the plots/ houses sold. It must have all basic facilities, electricity, gas and water. Do it fast.
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May 18, 2021 01:30pm
This asset must be facilitated in Pakistan by assisting them in protection of their properties &doing business in the country.
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May 18, 2021 01:37pm
At least give us the right to vote.
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May 18, 2021 01:52pm
Wonderful news. Great work by the SBP.
The Govt deserves due appreciation. Many thanks to all the overseas Pakistanis who are always there to help their homeland
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May 18, 2021 02:11pm
Well done overseas greenshirt people. Keep it up and hang on tough.
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May 18, 2021 02:12pm
Khan sahib, you lead, we follow! With you all the way with our hearts, souls, prayers and $€£!
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May 18, 2021 02:14pm
This is trust in PTI Govt. Of PM IK, the most honest person after Ayub Khan in Pakistan Govt.
Money laundering done by ppp & pml n goons had lost confidence of Pakistanis abroad.
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May 18, 2021 02:22pm
Dear PM, you are in a country of thieves who steal hard earned money and devoid this nation of basic necessities like transport, roads, medicine, food, water, footpath and sanitation. Can you deliver ?
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May 18, 2021 02:27pm
shocking news for PMLN, PPP and Indian trolls
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May 18, 2021 02:36pm
@Kaleem, one should give credit where due even if you don’t agree... the trend in increase in remittances is for more than 12 months and not only this month so please note that government has made many reforms plus expats have more trust in pti government
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May 18, 2021 02:45pm
@Raheel, Thats because alot of jobs in the middle east were created through the leadership on MP IK unlike the previous regimes who were busy filling their own bank accounts and sending remittances of looted IMF loans into their own accounts in places Like London, Switzerland and the USA and offshore accounts i.e. places like Panama.
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May 18, 2021 02:48pm
@Chan, What does not surprise me is the loans were existant and so was debt from the previous two PPL and PML government! So no doubt PTI government had to take of the bad debts of the previous governments! use some common sense rather than blame the current government unless you support the usless corrupt PDM movement!
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May 18, 2021 02:54pm
obviously when prices are doubled. People will send more money for their families to survive...!!! joke economy..!!
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May 18, 2021 03:03pm
What overseas Pakistanis are getting in return? Our lands are getting grabbed by Land Mafias. Who will help us get Justice?
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May 18, 2021 03:03pm
It is not because of Naya Pakistan but because of very high cost basic living and health care. IK government has broken all records as for as inflation is concerned.
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May 18, 2021 03:31pm
@Kashif, no it ain't. So many apps nowadays. I use remitly, Skrill and ace to transfer money to Pakistan bank accounts.
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May 18, 2021 03:33pm
Pakistani awaam look for short term gains which were provided by PPP and pmln but they destroyed the long term of Pakistan. Imran khan has a vision for the longer term of Pakistan. Granted there are hardships with taxes and covid but the country will be better for it.
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May 18, 2021 03:42pm
Pandemic has drastically reduced the number of workers abroad. Remittances were always there but this time, only the usual Hundi Transaction has been stopped and alternate somewhat beneficial official channel of overseas Pakistani's account with a high interest rate, has made the difference.
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May 18, 2021 03:47pm
@Expat, Very true, a number of overseas Pakistani paid big money for plots in DHA...RPindi... but someone who is related to a big wig ran away with money, when will they get the plots?
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May 18, 2021 03:57pm
We as expats have full trust in Imran Khan but no trust on nawaz or zardari ... and this is majority feeling among expats
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May 18, 2021 04:08pm
A rare example of love and dedication of patriotism by the overseas !
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May 18, 2021 04:17pm
Thank you PTI government of giving overseas Pakistanis right to vote
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May 18, 2021 04:48pm
@Abdul, PTI destroyed the economy? are you blind? cant you see who destroyed the economy. It was 30yrs of Nawaz Zardari combined which destroyed the economy. Khan is doing its best to repair this broken economy. Be fair and give him 5yrs more he cant fix the damaged country in 5yrs only.
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May 18, 2021 04:49pm
All the idiots saying we send this money anyway.. why is it record breaking now?? Because its going through legal channels. The previous crooks in charge kept all the hundi, hawala, money laundering routes open because they themselves are money launderers.. IK is working with FATF to close money laundering loopholes and making it easier to remit to Pakistan through legal channels.
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May 18, 2021 04:54pm
It is true you send money to your loved ones, but then it didn't increase with previous governments? PTI has introduced Roshan Digital accounts that have made it more lucrative for overseas Pakistanis to have savings in Pakistan as oppose to foreign banks. Just check the ROR between foreign banks vs Roshan accounts
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May 18, 2021 05:05pm
Where is the hate bucket M Emad hiding? Come show your evil face...
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May 18, 2021 05:07pm
@Brownman,
Keep dreaming, brown nose!
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May 18, 2021 05:13pm
PM build the confidence of overseas and SBP/ FATF did the rest.
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May 18, 2021 05:41pm
It helps local economy when people like us send money to our families and they spend on grocery, property and services.
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May 18, 2021 05:44pm
@Abdul, Such a moronic assessment. Its due to the confidence which the NRP community places in Imran Khan and NRP friendly policies of the SBP that has led people like myself remit funds in such unprecedented volumes. Which other country is offering such lucrative dollar denominated returns with such great ease of moving funds in and out of the country? Do some research and you will be pleasantly surprised.
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May 18, 2021 05:53pm
@Abdul, Overseas Pakistanis are sending more to their families now because pti govt has destroyed the economy. No acheivement here.
Overseas Pakistanis are sending more because they have faith in PTI government and know, no commissions, deviations and theft will take place like in PML N and PPP times, no trust on those uselss governments.
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May 18, 2021 05:54pm
@Brownman, If the PM gets replaced and becomes anti-establishment; then Nawaz will have a serious challenger on his hands because the "real-non-fake" vote bank will shift - genuinely - towards Khan.
For that Nawaz Sharif has to wait 15 years and be out of jail.
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May 18, 2021 05:55pm
@Kashif, Its a real difficult to send money to pakistan due to compliance issues
You must be Indian that's why you talk compliance issues which are none in Pakistan.
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May 18, 2021 05:56pm
July to April 21, total 24.2 billion and May, June 2021,it will be $6 bn, hence ending the year with $30bn.
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May 18, 2021 05:57pm
@Nauman, Why not sending in previous governments time?
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May 18, 2021 06:54pm
Pakistani Government will waste the money , as they did last 30 years
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May 18, 2021 07:54pm
@Azher, Pakistani Government will waste the money , as they did last 30 years
When past debts taken by PML N and ppp are paid, 35% goes towards them and yes its wasted money that current government is paying for past government follies. How do you think Avenfield house and Emirates Hills wamere purchased.
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May 18, 2021 08:56pm
Many overseas are jobless but remittances are increasing? There is something else not what it looks so simple. Not every overseas Pakistani investing in roshan account. From past one year the govt. looks very fishy and giving time as much as they can to mafias to grab what ever they want. Everyone knows due to less trend in hundi/hawala people found new ways to clean the dirty money. Also celebrating on remittances will be childish without solid planing to take benefit from it.
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May 19, 2021 07:32am
@G H A L I B J E E E , Expats have been given the right to vote by PTI and they can vote in next election
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May 19, 2021 07:45am
Remittances by labour means government failure to provide job within country. Jobs can not be provided because there is no industrial development in spite of CPEC. There is nothing to feel proud.
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