The State Bank of Pakistan announced a statement and said that “Pakistanis from overseas sent home record remittance in the fiscal year 2020 (FY20), counting a total at $23.12 billion and dazzling a surge of 6.4%.”
Even though, outboard foreign remittance also shot up almost 7.8% during the consecutive four months’ outbreak produced by a deadly coronavirus. According to the central bank, they have noted this shut in the month of March, April, May, and June respectively and along with the bad bases of strict lockdowns. However, year-to-date (YTD) Pakistani overseas sent the remittance of worth $2.46 billion accordingly.
State Bank of Pakistan recorded a statement that money was sent back home from Saudi Arabia was recorded at $610million. Meanwhile, U.S, U.A.E, and the U.K were shut down at $450million $430million, and $400million respectively. The huge translated rise was seen with a count of 42%, 7%, 34%, and 41% respectively.
Furthermore, the central bank put a hold on an announcement and said that higher remittance has appeared just because many countries have eased down their lockdowns in June 2020. This relaxation let overseas Pakistanis transfer the mutual funds which were heavily unavailable or to send at that pandemic time.
In addition to this statement “Further, it is also believed that they sent remittance to support extended families and friends due to COVID-19.”
Many schemes and practices were taken to utilize the reimbursement of charges. In such stance, the central bank reported that “supportive government policies in terms of extension of reimbursement of TT charges (Free Send Remittance Scheme) to small remitters by reducing the threshold from USD 100, as well as, broadening the scope of an incentive scheme for marketing scheme for financial institutions increases the incentives for sending remittances through regular channels.”
Remittance to this peak rate is recordable which has been proven due to pandemic. Billions of mutual shares transfers hold the scenario to see how much overseas Pakistanis have sent record remittance.