Pakistan receives record $23.1 billion remittances

Pakistan receives record $23.1 billion remittances

Analysts and experts said a steady growth in remittances to Pakistan will continue despite the worldwide economic slowdown.





Pakistan recorded 6.4 per cent increase in remittances that hit an all-time high mark of $23.12 billion (Dh84.85 billion) during the financial year 2019-20, the latest data shows.

Analysts and experts said a steady growth in remittances to Pakistan will continue despite the worldwide economic slowdown and overseas Pakistanis may send $25 billion (Dh91.75 billion) in the present fiscal year of 2020-21.

They further said higher remittance inflows will help provide cushion to the economy, which recorded negative 0.4 per cent GDP growth during last financial year 2019-20 that ended on June 30, 2020. Pakistan envisaged one per cent economic growth for the current fiscal year.

State Bank of Pakistan, the central bank, said workers' remittances rose by 50.7 per cent during June 2020 to reach a record high of $2.466 billion compared with $1.636 billion in the same month last year.

The central bank said inflow of workers' remittances during March-June 2020 pandemic period increased 7.8 per cent compared with the corresponding period of 2019.

"Since many of the countries eased lockdown in June, overseas Pakistanis were able to transfer accumulative funds, which they