Pakistan’s workers’ remittances reached an all time high in the month of July, the first month of fiscal year 2021, at $2.77 billion, the State Bank reported on Monday. Prime Minister Imran Khan announced the news on Twitter, alling it “more good news” for Pakistan’s economy. July’s remittances improved by 36.5% compared to remittances recorded last July, which were $2 billion.
Remittances received from Saudi Arabia were the highest at $821.6 million followed by the UAE ($538.2 million), UK ($393.9 million) and US ($250.6 million).
The State Bank said in its press release that several factors have likely supported the growth in remittances, including orderly exchange rate conditions and policy steps taken by the Bank and the federal government under the Pakistan Remittance Initiative.
Source: Samaa TV