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Business & Finance

Pakistan receives 'record high' remittances in June

  • On a cumulative basis, workers’ remittances increased to another “historic high level’ of $23,120.7 million during FY20, witnessing a growth of 6.4pc over $ 21,739.4mn during FY19.
13 Jul 2020

Workers’ remittances rose by an impressive 50.7 percent during June 2020 to reach ‘record high’ $2.466 billion as compared to $1.636bn received in June 2019.

As per the data released by the State Bank of Pakistan (SBP) on Monday, on a cumulative basis, workers’ remittances increased to another “historic high level’ of $23,120.7 million during FY20, witnessing a growth of 6.4pc over $ 21,739.4mn during FY19.

During the March-June 2020 pandemic period, the inflow of workers’ remittances registered an increase of 7.8pc compared with the corresponding period of 2019.

Country-wise, during June 2020, workers' remittances received from Saudi Arabia ($619.4mn), USA ($452.0mn), UAE ($431.7mn) and UK ($401mn) recording an increase of 42pc, 7.1pc, 33.5pc and 40.8pc respectively, as compared to May, 2020.

The central bank was of the view that the significant increase in remittances during June 2020 can be attributed to a number of factors i.e. easing of lockdown by many of these countries in June, overseas Pakistanis were able to transfer accumulative funds.

Further, more remittances were sent by the Overseas Pakistanis to support extended families and friends due to economic problems arisen due to COVID-19.

SBP also said that policies i.e. extension of Reimbursement of TT Charges Scheme (Free Send Remittance Scheme) to small remitters by reducing the threshold from $ 200 to $ 100, as well as, broadening the scope of an incentive scheme for marketing scheme for financial institutions increased the incentives for sending remittances through regular channels, also played the part in increase remittance.