The State Bank of Pakistan (SBP) on Tuesday announced that on a cumulative basis, remittances rose to a historic annual high of $29.4 billion in FY2021, reported 24NewsHD TV channel.
The surge in remittances has helped improve the country’s external sector position despite the challenging global economic conditions in the past year.
The central bank said that remittances registered a substantial 27 percent growth in FY-2021 over last year, the fastest rate of expansion since FY-2003.
It is pertinent to note that remittances continue exceeding $2 billion consecutively for 12 months, a first in the country's history and $26.7 billion amount received during July 2020-May 2021 is 29.4 percent more than in the previous year.
Earlier, the SBP said that total liquid foreign reserves held by the country stood at US$24.41 billion as of July 02, 2021.