For the eighth month in a row, Pakistan workers’ remittances from expats crossed $2 billion in January and Prime Minister Imran Khan is overwhelmed at the contribution.
Remittances from overseas Pakistanis were $2.27 bn in Jan, up 19% over Jan 2020 – 8th consecutive month of remittances above $2b. To date in this fiscal year they are up 24% compared to last yr. This is a record for our country and I thank our overseas Pakistanis.
— Imran Khan (@ImranKhanPTI) February 15, 2021
State Bank of Pakistan (SBP) reported that the figure was 19% higher when compared to the same month of the previous year.
Between July and January of the financial year 2020-2021, the workers’ remittances have reached $16.5 billion.
It is 24% higher than the figure recorded during the same period of the last fiscal year.
In Jan21, remittances remained above $2bn for 8th straight month. At $2.3bn, they are 19% higher than in Jan20 and marginally lower than in Dec20. During FY21, remittances at an unprecedented $16.5bn are 24% higher than same period in FY20. For details: https://t.co/7XBd4uw3tu pic.twitter.com/ureqbpRwDa
— SBP (@StateBank_Pak) February 15, 2021
After the launching of the Roshan Digital Account (RDA), the foreign exchange inflows have risen sharply.
Launched in September last year, at least $400 million have been flowed in through RDA.
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The surge in remittances reflects the confidence of Pakistani migrants in the initiatives taken by the incumbent government to legalize channels of transactions.