Overseas Pakistanis sent record remittances in FY 2020 at $ 23.12billion

[ghazi52]

July 13, 2020

Overseas Pakistanis sent record remittances in FY20 at $23.12bn: SBP

KARACHI: Overseas Pakistanis sent home record remittances in the fiscal year 2020 (FY20), totaling at $23.12 billion and reflecting a surge of 6.4%, the State Bank of Pakistan (SBP) said in a statement issued Monday.

Foreign remittances also shot up almost 7.8% during the four months of the coronavirus pandemic — including March, April, May, and June — and subsequent lockdown specifically, the central bank noted.

Year-to-date (YTD), however, overseas Pakistanis sent in remittances worth $2.46 billion.

It is important to note that remittances during June 2020 were 50% higher than the comparable period in 2019 — $2.47 billion as opposed to $1.64 billion.

In the same month, money sent back home from Saudi Arabia was recorded at $610 million, whereas that from the US, United Arab Emirates (UAE), and the UK were clocked in at $450 million, $430 million, and $400 million, respectively, the SBP underscored.

These figures translated to an increase of 42%, 7%, 34%, and 41%, respectively.

In its statement, the central bank cited countries easing their lockdowns in June as one of the reasons behind the higher remittances. The relaxation allowed overseas Pakistanis "to transfer accumulative funds, which they were unable to send earlier".

"Further, it is also believed that they sent remittances to support extended families and friends due to COVID19," the statement added.

"Supportive government policies in terms of extension of Reimbursement of TT Charges Scheme (Free Send Remittance Scheme) to small remitters by reducing threshold from USD 200 to USD 100, as well as, broadening the scope of incentive scheme for marketing scheme for financial institutions increased the incentives for sending remittances through regular channels."

 

[hussain0216]

Your welcome

We need to start investing in Pakistan more, we aren't doing enough

A tiny house in the UK can cost £100,000, rather then buying 2nd and 3rd properties we need to start thinking about how we can use that money on Pakistan for investment and profit

The Government of Pakistan then needs to ensure investors are not swindled and an effective police department looks after the interests of overseas Pakistani investors so the corrupt, the crooks, politicians don't get in the way

 

[pak-marine]

The Government of Pakistan then needs to ensure investors are not swindled and an effective police department looks after the interests of overseas Pakistani investors so the corrupt, the crooks, politicians don't get in the way

GOP isnt interested in scammers swindling money from pakistanis Bahria karachi scammed millions and recently fazaia housing scheme a project by pakistani airforce defrauded people in karachi of few billion rupees , a lot of these investors are over seas pakistanis and they are very very annoyed. Such acts will only discourage overseas pakistanis to invest in pakistan and imminent action is a must

 

[pak-marine]

Why they give money to these construction companies? Aur kisi jaga kharch nhi karsktay?

they trusted the name of PAF , if their air cheif is guaranteeing a project wont you invest

 

[pak-marine]

Mujhay Kya zarorat ha air Force sa Ghar khareednay ki main kahin aur kharch karon ga

overseas are bit more skeptical to trust any other third parties so over and all 6000 people fell for the airforce housing scam

 

[Flash_Ninja]

GOP isnt interested in scammers swindling money from pakistanis Bahria karachi scammed millions and recently fazaia housing scheme a project by pakistani airforce defrauded people in karachi of few billion rupees , a lot of these investors are over seas pakistanis and they are very very annoyed. Such acts will only discourage overseas pakistanis to invest in pakistan and imminent action is a must

PAF, builders allowed to return money to victims of Fazaia Housing Scheme

I dont understand why they are doing a housing scheme in the first place though, I thought DHA covered all the branches anyway

 

[fitpOsitive]

Your welcome

We need to start investing in Pakistan more, we aren't doing enough

A tiny house in the UK can cost £100,000, rather then buying 2nd and 3rd properties we need to start thinking about how we can use that money on Pakistan for investment and profit

The Government of Pakistan then needs to ensure investors are not swindled and an effective police department looks after the interests of overseas Pakistani investors so the corrupt, the crooks, politicians don't get in the way

At the moment, sorry to say, Pakistan has become a money black hole.
Where money disappears, don't know. No matter how much investment is there, money just disappears.

 

[YeBeWarned]

Oversea's Pakistani's do their best, but i think we ( Pakistani's living in Pakistan ) need to start paying taxes more , if we want further development of our infrastructure , we need to pay taxes and stop stealing Govt money .

 

[The Accountant]

Oversea's Pakistani's do their best, but i think we ( Pakistani's living in Pakistan ) need to start paying taxes more , if we want further development of our infrastructure , we need to pay taxes and stop stealing Govt money .

taxes is one issue, another is we need to start exports and start investing in manufacturing.

 

[American Pakistani]

taxes is one issue, another is we need to start exports and start investing in manufacturing.

@Starlord

Many people in Pakistan dislike overseas Pakistanis. Little do they know that the stuff they are exporting is mostly consumed by overseas Pakistanis. So in actual not only overseas Pakistanis sending back the remit $ but also most of the $ Pakistanis earn from exports.

Having said that, I don't mean that overseas Pakistanis are doing any favors because the money they send is to their loved ones mostly and without this money their loved ones will have difficulties.

Your welcome

We need to start investing in Pakistan more, we aren't doing enough

A tiny house in the UK can cost £100,000, rather then buying 2nd and 3rd properties we need to start thinking about how we can use that money on Pakistan for investment and profit

The Government of Pakistan then needs to ensure investors are not swindled and an effective police department looks after the interests of overseas Pakistani investors so the corrupt, the crooks, politicians don't get in the way

Many overseas Pakistanis want to invest but they know it very well that there is kickback mafia who will want "their share". There are so many bhatta khors. Those who were earning through e sports, the beaurocrats blocked and banned some of the games who helped hundreds. The future is mostly e sports and e commerce but of course there is no way for these beaurocrats to "earn" their kickbacks.

 

[Iltutmish]

if we want further development of our infrastructure , we need to pay taxes and stop stealing Govt money .

Government steals money from the awaam and not the other way around. Pakistan Must cut taxes and spending and free the people economically. Regulations and high taxes, feudal cult and corruption make it impossible for a poor country to develop.

Cut spending and taxes and liberalize the economy. People know how to do business and infrastructure on their own, no need for a tax Chor governments.

On the one hand people complain about corruption and on the other hand they want to give them more taxes for khiyanat.

 

[Rajput_Pakistani]

All these figures also includes freelancers, youtubers and other online earners.
It also includes lots of money earned through under/over invoicing by traders. Now coming back home as white money.
Not all sent by expats Pakistanis

 

[The Accountant]

@Starlord

Many people in Pakistan dislike overseas Pakistanis. Little do they know that the stuff they are exporting is mostly consumed by overseas Pakistanis. So in actual not only overseas Pakistanis sending back the remit $ but also most of the $ Pakistanis earn from exports.

Having said that, I don't mean that overseas Pakistanis are doing any favors because the money they send is to their loved ones mostly and without this money their loved ones will have difficulties.


Many overseas Pakistanis want to invest but they know it very well that there is kickback mafia who will want "their share". There are so many bhatta khors. Those who were earning through e sports, the beaurocrats blocked and banned some of the games who helped hundreds. The future is mostly e sports and e commerce but of course there is no way for these beaurocrats to "earn" their kickbacks.

Good news for you e-commerce policy is soon to be announced by SBP.

The key feature of policy is unlike past e-commerce will not be considered as formal export and policy will also include B2B2C i.e. our exports can place their products on amazon like market space as well.

I was part of that team from the business side. Drafting is complete and now the policy is in final approval phases from ministry of commerce and SBP board.

The courier companies (like DHL) will become authorized agent of SBP and will be responsible for uploading the data on custom and bank portals.

 

[YeBeWarned]

@Starlord

Many people in Pakistan dislike overseas Pakistanis. Little do they know that the stuff they are exporting is mostly consumed by overseas Pakistanis. So in actual not only overseas Pakistanis sending back the remit $ but also most of the $ Pakistanis earn from exports.

Having said that, I don't mean that overseas Pakistanis are doing any favors because the money they send is to their loved ones mostly and without this money their loved ones will have difficulties.

People just generalize other, and why would you not like them ? they send money to their parents , brothers sisters etc .. its appreciative that they use legals means unlike our businessmen and politicians who use Hawala .

And i agree with you, i know many Pakistani's who loved to see more Pakistani products in American market, and Pakistanis will pay extra for their country's product such as spices , dry fruits , clothing and fruits ..

don't listen to these idiots, Overseas Pakistani's did a praise worthy job for Pakistan , of course their lives are setup there but everyone is like whenever they get chance they come to Pakistan, and even then they spend money in Pakistan such as shopping , going on Trips to different areas, hotels , food , etc

Government steals money from the awaam and not the other way around. Pakistan Must cut taxes and spending and free the people economically. Regulations and high taxes, feudal cult and corruption make it impossible for a poor country to develop.

Cut spending and taxes and liberalize the economy. People know how to do business and infrastructure on their own, no need for a tax Chor governments.

On the one hand people complain about corruption and on the other hand they want to give them more taxes for khiyanat.

People steal as well, from a poor fruit seller to a factory owner everyone steals in one way or another .. you know how many people pay taxes in Pakistan ? that figure is a joke compared to a large population of Pakistan .

 

[FuturePAF]

taxes is one issue, another is we need to start exports and start investing in manufacturing.

Or at least increasing the productivity and quality of the products Pakistan already produces; learning new techniques that just require better labor techniques to maximize the use of our current resources. Water management and the use of delivering nitrogen and phosphorus along with water through drip irrigation. Natural pesticides (lady bugs) so that we use less chemical pesticides and can produce certified organic food for export and local consumption; healthier population and high value added products for export.