Islamabad: (RightNow) Pakistan received $7.3 billion in remittances during the first two months of the current fiscal year. This amount is nearly $1 billion more than the $6.4 billion received during the same period last year.

According to figures, remittances in July and August showed a significant increase compared to last year. During this period, $873 million came from Saudi Arabia, $750 million from the UAE, $564 million from the UK, and $309 million from the USA.

The monthly economic review indicates that this rise in remittances is a crucial development for the national economy. Over 9 million overseas Pakistanis send more than $40 billion annually, strengthening the country’s economy.

This increase reflects the success of government measures to promote remittances. Government policies have further encouraged overseas Pakistanis.

It is noteworthy that remittances are a vital component of Pakistan’s economy and significantly contribute to the increase in foreign exchange reserves during the fiscal year.