Remittances to Pakistan soar to record high of $24.2bn

Remittances to Pakistan rose to an all-time high of $24.2bn over 10 months to April 2021 period, up nearly a third (29%) compared to the same period last year, the State Bank of Pakistan said on 18 May. The country's diaspora remitted a record monthly high of $2.8bn in April which was 56% high than in 2020. Proactive policy measures by the government and State Bank to encourage more inflows through banking channels, curtailed cross border travel due to the pandemic, and Eid holiday-related inflows contributed to the record levels of remittances this year, the central bank said. Pak...