ISLAMABAD: Prime Minister Imran Khan has said the country has registered an increase of 31 percent in remittances in the first two months of the current fiscal year as compared to the same period of the last year. In a tweet on Monday, the Prime Minister said that overseas Pakistanis sent US $2,095 million in remittances in the month of August this year which is 24.4 percent higher than the corresponding period of the last year. He said the country received a record $2,768 million in remittances in the month of July this year. “Overseas Pakistanis sent $2,095 million in remittances in August 2020 – 24.4% higher than Aug. last year – in addition to the record $2,768 million in July 2020. For the first two months of this fiscal year our remittances are up 31% over the same period last year. Alhamdulillah,” he tweeted. Earlier in the day, the State Bank of Pakistan (SBP) said that remittances from overseas Pakistanis rose by 24.4 percent to $2.095 billion during August as compared to last year’s corresponding period. According to figures released by the central bank, remittances reached an unprecedented level of $7.3 billion over the last three months, which are 37.2 percent higher than the same period of the last year. The SBP said: “Efforts under the Pakistan Remittances Initiative (PRI) and the gradual re-opening of businesses in major host countries such as the Middle East, Europe and United States contributed to this increase.” The top three originating countries for remittances in August were: Saudi Arabia ($0.593 billion), United Arab Emirates ($0.410 billion), and the United Kingdom ($0.302 billion).On a month-on-month basis, remittances were 24.3 percent lower than the record level of remittances of $ 2.768 billion posted in July, mainly reflecting the usual seasonal decline in the post Eid-ul-Adha period.
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