Monday Oct 12, 2020
Prime Minister Imran Khan announced on Monday that remittances sent by overseas Pakistanis have remained above the $2 billion mark for the fourth consecutive month, terming it "good news" for the economy.
"Despite COVID, more good news for our economy," he said in a morning tweet. "
Alhamdulillah, remittances from our hardworking overseas Pakistanis rose to $2.3 billion in September 2020, 31% higher than last September and 9% higher than August 2020."
Meanwhile, the State Bank of Pakistan (SBP) said that "cumulatively, workers’ remittances rose to a record $7.1 billion" in the first quarter of the ongoing fiscal year. It added that in the last fiscal year, the remittances for the first quarter were $5.5 billion.
The SBP credited the "sustained growth" in remittances to the government's efforts made under the Pakistan Remittances Initiative.
The central bank said that, under the initiative, the government was trying to "formalise remittances" and improve the structure of Pakistan's forex markets.
It also added that the "gradual re-opening of businesses in major host destinations, such as Middle East, Europe and US" has also helped in boosting the remittances.