Remittances reach historic $23 billion in fiscal year 2020
Pakistanis working in other countries have sent home highest-ever amount of dollars in a single month, the State Bank revealed on Monday.
Remittances from overseas Pakistanis were recorded to be $2.5 billion in June, up by 51% compared to the corresponding month of the previous fiscal year.
This past month, the surge in remittances also pushed the annual amount to a historic high of $23.12 billion or 6.4% more than that of the fiscal year 2019. It was more than our total exports, which were $21.3 billion.
The increase in remittances during June is against the expectations as it was predicted that remittances may fall during the pandemic. Many countries eased lockdown in June and overseas Pakistanis were able to transfer accumulative funds, which they were unable to send earlier. It is also believed that they sent remittances to support extended families and friends due to Covid-19.
An earlier version of the story said the figure was Rs2.5 billion in the headline. It has been corrected to $2.5 billion now.