Pakistan is likely to achieve a record $32 billion in remittance inflows in the current fiscal year 2021-22 as over nine million overseas workers remitted $15.8 billion during the first half ended on December 31, 2021.
The latest data released by the central bank, State Bank of Pakistan (SBP), showed that non-resident Pakistanis sent 11.3 per cent more money back home during the July-December period compared to the same period last year.
“With $2.5 billion of inflows during December 2021, workers’ remittances continued their strong impetus of remaining above $2 billion since June 2020. In terms of growth, remittances increased by 2.5 per cent month-on-month basis and 3.4 per cent year-on-year basis in December 2021,” according to the central bank.
Pakistan economy has received much-needed support and relief through a consistent upward remittances trend since June 2020. The government expects $32 billion in remittances for the current fiscal year of 2021-22. Pakistan received record $29.4 billion remittances during 2020-21 compared to the $23 billion received during 2019-20.