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Monthly remittances cross $3 billion for first time

Inflows were recorded at $3.1 billion in April. Source: Online.

ISLAMABAD: Remittances by overseas Pakistani workers continued a strong trend in April and crossed the $3 billion mark in a month for the first time ever.

In terms of growth, during April 2022, inflows were recorded at $3.1 billion, increasing by 11.2 percent on month-on-month basis and 11.9 percent on year-on-year basis. Cumulatively, at $26.1 billion, remittances grew by 7.6 percent during 10 months of Fiscal Year 22 compared to the same period last year.

According to data released by State Bank of Pakistan (SBP), remittance inflows during April 2022 were mainly sourced from Saudi Arabia ($707 million), United Arab Emirates ($614 million), United Kingdom ($484 million) and the United States of America ($346 million).

During the corresponding month, overseas Pakistanis living in Bahrain sent $51.5 million, from Kuwait $89 million, from Qatar $103.7 million whereas $114.6 million were dispatched from Oman.

Similarly, the inflows from Germany, France, The Netherlands, Spain, Italy, Greece, Sweden, Denmark, and Ireland were recorded at $46.2 million, $41.5 million, $6.1, $46.2 million, $72.2 million, $33.5 million, $7.7 million, $7.2 million and $14.6 million respectively.

Likewise, from Malaysia, Belgium, Norway, Switzerland, Australia, Canada, and Japan, the workers dispatched $14.7 million, $22.9 million, $16 million, $4.1 million, $72.7 million, $81.1 million, and $7 million respectively.

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