ISLAMABAD, Pakistan: Overseas Pakistanis sent a record US$ 2,768 million in July 2020, an increase of US$ 740 million (or 36.5 percent) over July 2019 and an increase of US$ 302 million (or 12.2 percent) over June 2020.
This is the highest ever recorded workers’ remittances in a single month, said a press release issued by the State Bank of Pakistan (SBP) on Monday.
July’s strong yearly growth rate is around twice as high as the Eid-ul-Adha related seasonality typically experienced over the last decade, suggesting other factors are at play.
Since the global outbreak of Coronavirus in February 2020, remittances have increased by 14.3 percent compared to the same period last year.
Given the impact of COVID-19 globally, this increase in workers’ remittances is encouraging.
Several factors have likely supported the growth in remittances to date including orderly exchange rate conditions and policy steps taken by the State Bank and the federal government under the Pakistan Remittance Initiative.
These steps include reducing the threshold for eligible transactions from US$ 200 to US$ 100 under the Reimbursement of Telegraphic Transfer (TT) Charges Scheme, an increased push towards adoption of digital channels, and targeted marketing campaigns to promote formal channels for sending remittances.
Meanwhile, Prime Minister Imran Khan also shared the good news about Pakistan’s economy in a Tweet, saying that remittances from Overseas Pakistanis reached US$ 2,768 million in July 2020 which is the highest ever amount in one month in the history of Pakistan.
The prime minister said that this is a 12.2 percent increase over the month of June 2020 and a 36.5 percent increase over July last year.
More good news for Pak 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.
— Imran Khan (@ImranKhanPTI) August 17, 2020
