The workers’ remittances received by Pakistan hit an all-time high of $2.8 billion in March, extending support to foreign exchange reserves and the rupee against the US dollar.
The State Bank of Pakistan in a statement on Thursday said, “This is the highest ever monthly level for workers’ inflows.”
Cumulatively, the remittances have risen to $23 billion in the first nine months of the current fiscal year 2021-22, up by 7.1 percent over the same period of the previous year, it added.
Historical trends suggested that overseas Pakistanis send record high remittances during the month of Ramzan and Eid festivals every year, according to experts.
With the latest inflows of $2.8 billion, the workers’ remittances continued their unprecedented run of remaining above $2 billion since June 2020, the State Bank of Pakistan (SBP) said.
In terms of growth, during March 2022, remittances increased 28.3 percent on a month-on-month basis compared to February and up by 3.2 percent compared to March 2021.
Remittance inflows during March 2022 were mainly sourced from Saudi Arabia $678 million, the United Arab Emirates $515 million, the United Kingdom $401 million and the United States of America $300 million, the central bank said.