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KARACHI: The country received record-high workers’ remittances of $2.8 billion in the month of March, 28.3 per cent higher than last month and 3.2pc more than the same month last year, the State Bank of Pakistan (SBP) said on Thursday.
“This is the highest ever monthly level for workers’ remittances. Cumulatively, remittances have risen to $23 billion during the first 9 months of FY22,” the central bank said.
Workers’ remittances rose to their highest level in history at $2.8 billion in March 22. Cumulatively, remittances have risen to $23 billion during the first 9 months of FY22, up 7.1% over the same period last year. https://t.co/7XBd4uNES4 pic.twitter.com/2Aw7WjtwKA
— SBP (@StateBank_Pak) April 14, 2022
It further said, “Cumulatively at $ 23bn, remittances grew by 7.1pc during first three quarters of FY22 compared with last year.” With the latest inflows of $2.8 billion, the workers’ remittances continued their unprecedented run of remaining above $2 billion since June 2020, SBP added.
Historical trends suggested that overseas Pakistani sent record high remittances during the month of Ramadan and Eid festivals every year, according to experts.
The SBP data shows that remittances from the entire Arab region have recorded significant growth. “Remittances inflows during March 2022 were mainly sourced from Saudi Arabia ($678mn), United Arab Emirates ($515mn), United Kingdom ($401mn) and the United States of America ($300mn),” the SBP added.
The inflows increased 31.3% to $343.1 million from other GCC countries (Bahrain, Oman, Kuwait and Qatar) compared to $261.3 billion in the previous month. They rose 18.03% to $280.1 million from the European Union during March against $237.3 million in February.