According to the ministry of Finance said in a statement that remittances to Pakistan hit $26.7 billion in 11 months of this fiscal year (July-May), the highest level on record and increased 29 percent from the same period last year.
As per to details, The ministry said that proactive policy measures by the government and State Bank of Pakistan (SBP) to encourage more inflows through formal channels, curtailed cross border travel in the face of coronavirus, altruistic transfers to Pakistan amid the COVID-19 pandemic, orderly foreign exchange market conditions and, more recently, Eid-related inflows have contributed to record levels of remittances this year.
It must be noted that remittance flows have already crossed the full FY2020 level by $3.6 billion. In the month of May only, $2.5 billion remittances were received by the overseas Pakistanis.
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