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

29

May
CIMRAD, Print Media

Curbs on black market can push remittances to $50b

By Shahram Haq Published in The Express Tribune on May 28, 2023 LAHORE: Foreign remittance service providers have voiced optimism that Pakistan’s remittances can surpass $50 billion per annum, if authorities restrain the black market, which they believe constitutes nearly 80% of the total market. They point out the black market or illegal ways of sending remittances, […]

29

May
Print Media

The competition gap

By Amber Darr Published in Dawn on May 28, 2023 THE promulgation of Pakistan’s first Competition Ordinance in October 2007, in the same week as the more infamous National Reconciliation Ordinance, was a legislative non-event. Not only was the country preoccupied with the increasingly vociferous calls for general elections but also the subject of competition was too[…]