Remittances rise to a historic annual high of $29.4 billion in FY21

Workers’ remittances reached to a historic annual high of $29.4 billion in FY21.

According to State bank of Pakistan (SBP) the Remittances registered a substantial 27% growth in FY21 against FY20.

During FY21 the remittances of some countries like Saudi Arabia ($7.66 billion), United Arab Emirates ($6.11 billion), United Kingdom ($4 billion), United States ($2.75 billion), and the other countries ($8.7 billion), up by 16%, 9%, 58%, 58%, and 33% YoY respectively.

According to the data released by SBP, remittances sent by Overseas Pakistani during the month of June’21 jumped by 8% MoM as the seasonal Pre-Eid related inflows helped to boost the remittance level to $2.68 billion, from the countries like Saudi Arabia ($670 million), United Arab Emirates ($543.8 million), United Kingdom ($375.8 million) and the United States ($275.1 million).