Remittances hit all-time high in March

By Salman Siddiqui
Published in The Express Tribune on April 14, 2022

KARACHI: The workers’ remittances received by Pakistan hit an all-time high of $2.8 billion in March, extending support to foreign exchange reserves and rupee against the US dollar.

“This is the highest ever monthly level for workers’ remittances,” Pakistan’s central bank reported on Thursday.

Cumulatively, the remittances have risen to $23 billion in the first nine months of the current fiscal year 2021-22, up by 7.1% over the same period of previous year, it added.

Historical trends suggested that overseas Pakistani sent record high remittances during the month of Ramadan 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% on a month-on-month basis compared to February and up by 3.2% compared to March 2021.

Remittances inflows during March 2022 were mainly sourced from Saudi Arabia ($678 million), United Arab Emirates ($515 million), United Kingdom ($401 million) and United States of America ($300 million), the central bank said.

Related Posts

26

Jun
Print Media

Innovation, growth action plan launched in agri sector

Published in The News on May 18, 2025 LAHORE : On the directions of Prime Minister Muhammad Shehbaz Sharif, a consultative meeting was held here at Pasco Head office under the chairmanship of Federal Minister for National Food Security and Research Rana Tanveer Hussain to finalise the “National Innovation and Growth Action Plan in the Agricultural Sector.” […]

Print Media

The Poverty Illusion: When Numbers Distort Reality

By Nasir Iqbal Published in pide.org.pk Publication Year : 2025 Last week, sensational headlines rattled Pakistan’s development discourse: poverty has surged, nearly half the population is now classified as poor, and extreme poverty has tripled. According to the World Bank’s revised estimates, poverty under the $4.20 per day line has jumped from 39.8% to 44.7%, while extreme[…]