Prime Minister Imran Khan shared rare good news with the people of Pakistan Monday morning as the country continues to battle the coronavirus pandemic.
He said that the remittances from the country’s “hardworking overseas Pakistanis” rose to $2.3 billion in Sept 2020, which is 31% higher than last September and 9% higher than August 2020.
“This marks the fourth consecutive month that remittances have remained above $2 billion,” he tweeted.
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 and this increased 12.2% in July.
Pakistanis living abroad sent the most cash back home in a single month in July, the first month of fiscal year 2021, at $2.77 billion, the State Bank reported in August. July’s remittances improved by 36.5% compared to remittances recorded last July, which were $2 billion.
“Given the impact of COVID-19 globally, this increase in workers’ remittances is encouraging. The growth rate in remittances compared to the same month in the previous year is around twice as high as the Eid-ul-Azha related seasonality typically experienced over the last decade,” the State Bank said.
The State Bank said in its press release that several factors have likely supported the growth in remittances, including orderly exchange rate conditions and policy steps taken by the Bank and the federal government under the Pakistan Remittance Initiative.