Proactive policy steps by the government and the SBP to spur inflows through formal channels, combined with limited cross-border travel, medical expenses and altruistic transfers amid the pandemic to fuel the rise, it said in a statement.
Pakistan saw an increase of 26% in remittances, with a record run of above $2 billion in remittances for the 10th consecutive month in March, the State Bank of Pakistan said Monday.
“At $2.7bn, the remittances were up 20% compared to February and 43% compared to March 20. Cumulatively, the remittances have risen to $21.5bn during July-March FY21, up 26% over the same period last year,” the central bank said on Twitter.
Expressing immense happiness over the development, Prime Minister Imran Khan lauded the overseas Pakistanis for their “unparalleled love and commitment for the country”.