KARACHI: Overseas Pakistanis remitted record $29.4 billion during 2020-21, helping the country meet its widening trade deficit and expected current account deficit in the last month of the just-ended fiscal year. The central bank said that with inflows of around $2.7bn in June (9pc growth year-on-year) and 8pc (month-on-month), workers’ remittances continued their unprecedented streak of above $2bn for a record 13th consecutive month. Data released by the State Bank of Pakistan (SBP) on Tuesday showed that remittances posted a 27 per cent year-on-year growth, which was the fastest rate of expansion since FY03.
This growth in remittances helped improve the country’s external sector position despite the challenging global economic conditions in the past year, said the State Bank, adding that the seasonal pre-Eid related inflows helped to further boost remittances level during June.
Remittances continue their unprecedented streak of above $2bn for 13th consecutive month “Overall, record-high inflows of workers’ remittances during FY21 have been driven by proactive policy measures by the government and SBP to incentivise the use of formal channels, curtailed cross-border travel in the face of Covid-19 infections, altruistic transfers to Pakistan amid the pandemic, and orderly foreign exchange market conditions,” said the SBP……
Thursday, April 23, 2026
