Overseas Pakistani workers’ remittances rise to over 31 bln USD, record-high in FY 22
ISLAMABAD, July 18– Remittances sent by overseas Pakistani workers rose to a record high of over 31 billion U.S. dollars in the fiscal year of 2021-2022, the State Bank of Pakistan said on Monday. Last month, the remittances mainly came from Saudi Arabia with 666 million dollars, the United Arab Emirates with 495 million dollars, Britain with 455 million dollars,…
ISLAMABAD, July 18 (Xinhua) — Remittances sent by overseas Pakistani workers rose to a record high of over 31 billion U.S. dollars in the fiscal year (FY) of 2021-2022, the State Bank of Pakistan (SBP) said on Monday.
The inbound remittances increased 6.1 percent as compared to the previous fiscal year of 2020-2021, the central bank said in a statement.
In June, the remittances rose to 2.76 billion dollars, up 18.4 percent on a month-on-month basis, and 1.7 percent higher on a year-on-year basis, the statement said.
Last month, the remittances mainly came from Saudi Arabia with 666 million dollars, the United Arab Emirates with 495 million dollars, Britain with 455 million dollars, and the United States, which is 285 million dollars, it added.
Workers’ remittances play an important role in Pakistan’s economy as they are one of the major sources of foreign exchange.
This record increase is positive news for the country’s economy which is currently struggling with its foreign exchange reserves. Enditem