Expats Sent Record Remittances During First Quarter of FY
The State Bank of Pakistan (SBP) reported that expatriates sent USD 8 billion in the first quarter of the fiscal year 2021-22 (July-September), which is the highest amount of remittances ever received by Pakistan, according to news sources.
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This quarter’s inflows are 12.5% higher than those of the previous fiscal year, with September 2021 receiving the highest remittances of USD 2.7 billion. Since June 2020, SBP reports that overseas Pakistanis have maintained a “strong momentum” by depositing more than USD 2 billion. Reportedly, overseas Pakistanis sent USD 29.4 billion during the last fiscal year, which ended in June, and based on the current trend, the inflow is expected to exceed this year.
According to the breakdown of remittances received, the largest amount was sent from the Kingdom of Saudi Arabia (KSA), totaling USD 2.025 billion, 2.6% less than the same period last year.
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In September alone, Saudi Arabian expatriates sent home USD 691 million. The United Arab Emirates (UAE) accounted for the second-largest amount of remittances, which increased by 8.7% to reach USD 1.545 billion.
The inflows from the United Kingdom and the United States increased by 13.2% and 32%, respectively, to USD 1.115 billion and USD 836 million. The SBP report indicated that for the first time, remittances from the United States and the United Kingdom have surpassed inflows from GCC countries, with a 47.8% increase over the same period last year.
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