Remittances from workers employed abroad rose to the highest level in history at $2.8 billion in March.
According to the State Bank of Pakistan remittances from overseas Pakistanis reached $2,810.3 million in March 2022, the highest ever amount in one month in the history of Pakistan, lending much support to the external sector.
The SBP’s data showed that remittances amounted to $25.50 billion for the last eight months.
The highest remittances from the United States in March stood at $2,810.3 million as compared to 2,190.1 million in February. Remittances from the United Kingdom stood at $300 million as compared to $209.7 million in March.
Remittances from Saudi Arabia in March amounted to $677.8 million as compared to $558.2 million in March.
The remittances from the United Arab Emirates stood at $515.1 million as compared to $386.6 million.
According to the State Bank of Pakistan, cumulatively, remittances have risen to $23 billion during the first nine months of the financial year 2022, up 7.1 per cent over the same period last year.
Analysts said that seasonal pre-Eid related inflows helped to further boost remittances level during March. They said that remittances performed unexpectedly well during almost the entire course of FY2022.
They said that given the government’s focus on the Pakistani diaspora along with State Bank’s focus on increasing remittance flows, remittances are likely to remain strong.
