Pakistan records ‘highest’ remittances in July: PM Increase was up 12.2 per cent from June: SBP

Pakistan Observer

Islamabad: Prime Minister Imran Khan said on Monday that Pakistan recorded the highest-ever remittances from overseas Pakistanis in July 2020, reaching $2,768 million.

On Twitter, the prime minister shared the statistics, calling it “more good news” for Pakistan’s economy. “Remittances from overseas Pakistanis reached $2,768 mn in July 2020, highest ever amount in one month in the history of Pakistan. This is 12.2% increase over June 2020 and 36.5% increase over July 2019,” he wrote.

Last week, PM Imran had appreciated overseas Pakistani workers for sending more remittances through banking channels.

“Remittances for the past fiscal year came in much higher at 9.7 percent annual growth and totaled $21.8 billion for the year,” Prime Minister Imran Khan said in a tweet. In his statement, the prime minister had thanked overseas workers for the remittances, which he said were much higher than the previous year when they grew only 2.9%.

Remittances from Pakistani workers employed abroad hit the highest level for a single month in July, officials said on Monday, increasing 36.5 per cent year on year.

But July remittances rose to $2.768 billion, the State Bank of Pakistan said, adding the increase was up 12.2pc from June, when remittance numbers were also high, the SBP said in a statement.

Remittances from Saudi Arabia in July amounted to $821.6 million, the UAE $538.2 million, United Kingdom $393.9 million and United States $250.6 million.

“Given the impact of Covid-19 globally, this increase in workers remittance is encouraging,” the SBP said. It added that the growth rate compared to the same month in 2019 was around twice as high because of decreased spending over the Eidul Azha season.