KARACHI:With unprecedented streak of above $2 billion for a record 13th consecutive month the inflow of worker’s remittances into Pakistan rose to a historic annual high of $ 29.4 billion in fiscal year 2020-21.

According to a statement issued by State Bank of Pakistan on Tuesday, remittances registered a substantial 27 percent growth in FY21 over last year, the fastest rate of expansion since Fiscal Year 2003.

On a cumulative basis, remittances rose to a historic annual high of $29.4 billion, the SBP spokesperson said adding that it had helped improve the country’s external sector position despite the challenging global economic conditions in the past year.

Remittance inflows during FY21 were mainly sourced from Saudi Arabia ($7.7 billion), United Arab Emirates ($6.1 billion), United Kingdom ($4.1 billion) and the United States ($2.7 billion).

Workers’ remittances continued their unprecedented streak of above $2 billion for a record 13th consecutive month with inflows of around $2.7 billion in June 2021.

Seasonal pre-Eid related inflows helped to further boost remittances level during June those were 9 percent higher than the corresponding period of previous year while 8 percent growth was recorded compared to May 2021.

Overall, record high inflows of workers’ remittances during FY21 have been driven by proactive policy measures by the Government and SBP to incentivize the use of formal channels, curtailed cross-border travel in the face of COVID-19 infections, altruistic transfers to Pakistan amid the pandemic and orderly foreign exchange market conditions, the spokesman noted.