Remittances hit record high of $3 billion in April

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Overseas Pakistanis sent a record number of remittances in April, surpassing the $3 billion mark for the first time in history.

“Remittances crossed the monthly mark of US $3 billion for the first time. Cumulatively, at $26.1 billion, remittances grew by 7.6 % in the ten months of FY22 compared to last year,” said the State Bank of Pakistan on its Twitter handle.

This is the second time that the country has received all-time high remittances for the second consecutive month in April. Earlier, it witnessed record-high remittances at $2.81 billion in the previous month of March.

The inflows of workers’ remittances from non-resident Pakistanis play a critical role in the domestic economy, as they help economic managers partially pay for elevated import bills and repay foreign debt.

According to a leading newspaper, the remittances grew strongly by 11.2% to $3.12 billion in April 2022 as compared to $2.81 billion in the previous month of March. The inflows were 11.9% higher as compared to $2.79 billion recorded a year ago in April 2021, according to the central bank.

The inflows were mainly sourced from Saudi Arabia ($707 million), the United Arab Emirates ($614 million), the United Kingdom ($484 million) and the United States ($346 million) during the month under review.

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