Remittance bonanza from the West

Remittances continue their merry march, exceeding $2 billion consecutively for 12 months, a first in the country’s history. The $26.7 billion amount received during July 2020-May 2021 is 29.4% more than in the previous year. This amount already exceeds Pakistan’s annual exports proceeds. The development is significant both in scale and scope as receipts from most sources showed a double-digit increase. Remittances from six GCC countries, which collectively account for the bulk of inflows to Pakistan, increased substantially: those from Saudi Arabia were up by 19.5%; from the UAE by 9.7%; and from Bahrain, Kuwait, Qatar and Oman by 12.4%, 14.3%, 20.4% and 9.3% respectively.

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