KARACHI: Overseas Pakistanis workers have sent $2.8 billion during March 2022, which is the highest ever monthly remittances received, the State Bank of Pakistan (SBP) said on Thursday.
“With $2.8 billion of inflows during March 2022, workers’ remittances continued their unprecedented run of remaining above $2 billion since June 2020. This is the highest ever monthly level for workers’ remittances,” the SBP added.
The latest number of remittances showed the inflows grew by 28.3 per cent in March 2022 when compared with $2.19 billion in February 2022.
Meanwhile, the inflows also grew by 3.2 per cent in March 2022 when compared with $2.72 billion in the same month of the last year.
Analysts attributed the record remittances to the holy month of Ramazan and festival of Eid ul Fitr. They said that overseas Pakistanis send money to their relatives ahead of festival. Furthermore, the worldwide high prices of end products also one of the reasons for record remittances during March 2022.
Overall the country received $22.95 billion during July – March 2021/2022 as compared with $21.44 billion in the corresponding months of the last fiscal year, showing an increase of 7 per cent.
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).
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