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Pakistan's overseas remittances exceed $2 billion for 10th straight month

·1 min read
A trader counts Pakistani rupee notes at a currency exchange booth in Peshawar

KARACHI, Pakistan (Reuters) - Remittances of $2.7 billion in March from Pakistani workers employed abroad exceeded $2 billion for the 10th consecutive month, and were up 43% from a year earlier, the central bank said on Monday.

Proactive policy steps by the government and State Bank to spur inflows through formal channels, combined with limited cross-border travel, medical expenses and altruistic transfers amid the pandemic to fuel the rise, it said in a statement.

"The love and commitment of overseas Pakistanis to Pakistan is unparalleled," Prime Minister Imran Khan said on Twitter.

"You sent over $2 billion for 10 straight months despite COVID, breaking all records. We thank you."

The inflows came mainly from the nations of Saudi Arabia, standing at $5.7 billion; the United Arab Emirates, at $4.5 billion; with $2.9 billion from Britain and $1.9 billion from the United States, the central bank said.

(Reporting by Syed Raza Hassan; Editing by Clarence Fernandez)