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Remittances Hit the Highest Ever Amount in the History of Pakistan

Remittances from overseas employees reached the highest amount for a single month in July, rising 36.5% annually, mainly due to lower expenditure on Hajj pilgrimages due to the coronavirus pandemic.

The global economic slowdown had raised concerns that remittances, the key to declining foreign-exchange reserves in the world, would decline due to job losses in countries from which most of the money is sent-particularly Saudi Arabia and the United Arab Emirates.

Prime Minister Imran Khan tweeted, “More good news for Pakistan economy. Remittances from overseas Pakistanis reached $2768 million in July 2020, highest ever amount in one month in the history of Pakistan.”

Remittances from Saudi Arabia amounted to $821.6 million in July, $538.2 million in the United Arab Emirates, $393.9 million in the United Kingdom and $250.6 million in the United States.

The State Bank of Pakistan stated, “Given the impact of COVID-19 globally, this increase in workers remittance is encouraging.”

Executive Director BMA Capital Management, Saad Haashmi told Pak Revenue, “Not much cash movement on flights or Hajj and Umrah pilgrimages has taken place this year. This trend can continue for some months, which is a positive development for the economy.”

Pakistan has opened up all economic sectors to reinvigorate its hard-hit economy. The country reported 289,215 positive COVID-19 cases with 6,175 deaths, of which 269,087 have recovered.

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