[Pakistan] Record-breaking $32bn remittances from Pakistani expats

Reacting to a foreign newspaper’s report that Pakistan had reached $32 billion remittances in the current fiscal year, Special Assistant to Prime Minister on Overseas Pakistanis and Pakistan Tehreek-e-Insaf leader Sayed Zulfiqar Bukhari showered praise on Pakistani expats, The News reports.

In an October 9 Tweet, he said, “More record-breaking remittances.

“Overseas Pakistanis never fail Pakistan, it’s time we open our hearts & welcome talented & highly educated individuals from among our diaspora to come & serve our country.

“Let there be a Pakistan with equal opportunities for every Pakistani.”

A Gulf-based newspaper, quoting the latest data released by the State Bank of Pakistan (SBP), had earlier reported that Pakistan was on track to achieve a record $32 billion in remittance inflows in the current ­fiscal 2021-22. The country’s over nine million overseas workers remitted a record $8.04 billion during the first quarter, which ended on September 30.

The central bank showed that non-resident Pakistanis sent 12.5 per cent more money back home during the July-September quarter than the same period last year. It is the highest ever quarterly remittance received by the country in its 75 years of history.

The Trust Securities and Brokerage Limited said, "If the first-quarter trend persists, Pakistan remittances could hit the figure of $32 billion during the current financial year. This contributes significantly to countering external pressure on balance of payment.”

Overseas Pakistanis residing in the UAE and Saudi Arabia reportedly contributed a large portion of the total remittances as they sent $1.55 billion and $2.03 billion, respectively. The remittance outflows from the UAE to Pakistan climbed nine per cent year-on-year, while Saudi Arabia registered a slight decline of three per cent during the quarter. 

Remittances from the US and UK leapt 32 per cent ($833 million) and 13 per cent ($1.12 billion), respectively. First-quarter inflows from the European Union soared 48 per cent to $889 million from $601 million in the same quarter last year.

Reacting to a foreign newspaper’s report that Pakistan had reached $32 billion remittances in the current fiscal year, Special Assistant to Prime Minister on Overseas Pakistanis and Pakistan Tehreek-e-Insaf leader Sayed Zulfiqar Bukhari showered praise on Pakistani expats, The News reports.

In an October 9 Tweet, he said, “More record-breaking remittances.

“Overseas Pakistanis never fail Pakistan, it’s time we open our hearts & welcome talented & highly educated individuals from among our diaspora to come & serve our country.

“Let there be a Pakistan with equal opportunities for every Pakistani.”

A Gulf-based newspaper, quoting the latest data released by the State Bank of Pakistan (SBP), had earlier reported that Pakistan was on track to achieve a record $32 billion in remittance inflows in the current ­fiscal 2021-22. The country’s over nine million overseas workers remitted a record $8.04 billion during the first quarter, which ended on September 30.

The central bank showed that non-resident Pakistanis sent 12.5 per cent more money back home during the July-September quarter than the same period last year. It is the highest ever quarterly remittance received by the country in its 75 years of history.

The Trust Securities and Brokerage Limited said, "If the first-quarter trend persists, Pakistan remittances could hit the figure of $32 billion during the current financial year. This contributes significantly to countering external pressure on balance of payment.”

Overseas Pakistanis residing in the UAE and Saudi Arabia reportedly contributed a large portion of the total remittances as they sent $1.55 billion and $2.03 billion, respectively. The remittance outflows from the UAE to Pakistan climbed nine per cent year-on-year, while Saudi Arabia registered a slight decline of three per cent during the quarter. 

Remittances from the US and UK leapt 32 per cent ($833 million) and 13 per cent ($1.12 billion), respectively. First-quarter inflows from the European Union soared 48 per cent to $889 million from $601 million in the same quarter last year.