Pakistan’s remittances reach historic high of $29.4 billion in 2021

Workers’ remittances continued to stay above $2 billion for a record 13th consecutive month, with an inflow of $2.7 billion received in the last month of the fiscal year 2020-21, said the State Bank of Pakistan (SBP).

On a cumulative basis, remittances amounted to a historic high of $29.4 billion during the fiscal year, a 27% year-on-year increase. The growth in FY21 is the highest since FY03.

“This has helped improve the country’s external sector position despite the challenging global economic conditions in the past year,” said the central bank, adding that the seasonal pre-Eid-related inflows helped further boost remittances during June.

Country-wise, remittance inflows during FY21 were mainly sourced from Saudi Arabia ($7.7 billion), United Arab Emirates ($6.1 billion), United Kingdom ($4.1 billion), and the United States ($2.7 billion).