Overseas Pakistanis sent record $7.1b remittances in a quarter

Pakistani’s living abroad sent a record $7.1 billion, commonly known as worker’s remittances, in the first quarter of the fiscal year 2021 (July to September), the State Bank reported on Monday. It was 31.1% higher than in the same period last year.

Meanwhile, it is the fourth consecutive month that workers’ remittances remained above $2 billion in the month of September. It was 31.2% higher in September as compared to September last year. It also increased by 9% as compared to the previous month of August.

Pakistan registered its highest remittances received in a single month in July, the first month of the fiscal year 2021, at $2.77 billion. 

The cash that people working outside their home countries send back home is known as workers’ remittances. Pakistan’s workers’ remittances were also an all-time high in June at $2.5 billion.

The State Bank says remittances in September were slightly higher than State Bank’s projections of $2 billion.

“Efforts under the Pakistan Remittances Initiative (PRI) and the gradual re-opening of major host destinations such as the Middle East, Europe, and United States contributed to the sustained increase in workers’ remittances,” the State Bank said.