Pakistan's remittances reach historic high of $2.8 billion in March

Business Desk
US dollar banknotes are seen in this photo illustration taken February 12, 2018. — Reuters/File
US dollar banknotes are seen in this photo illustration taken February 12, 2018. — Reuters/File

  • Remittances over $2b for 22th consecutive month.
  • Record 28.3% month-on-month increase.
  • Cumulatively, remittances amount to $23b during 9MFY22.

KARACHI: Workers' remittances stayed above $2 billion for a record 22th consecutive month, with an inflow of $2.8 billion received in March, said the State Bank of Pakistan (SBP) on Thursday.

Remittances amounted to a historic high of $2.8 billion during the month under review, a 28.3% month-on-month increase.

“With $2.8 billion of inflows during March 2022, workers' remittances continued their unprecedented run of remaining above $2 billion since June 2020,” the central bank said, adding that this is the highest ever monthly level for workers’ remittances.

On a cumulative basis, remittances amounted to $23 billion during the first nine months of the fiscal year 2021-22, a 7.1% year-on-year increase.

Remittances started improving after global travel came to a standstill during the peak of COVID-19. That development also disrupted the network of illegal hawala/ hundi operators, who used to offer a better price to the remittance senders compared to the one offered by the official channels like banks.

Accordingly, the remittance inflows started improving from June 2020 and came in at a historic high of $2.8 billion last month.

Country-wise data

Pakistanis residing in Saudi Arabia remitted the largest amount of $677.8 million in March 2022. It was 21.42% higher than the $558.2 million received in February 2022.

Expatriates in the UAE sent home 33.23% higher amount as receipts rose from $386.6 million to $515.1 million.

Remittances from the overseas Pakistanis in the UK rose 25.62% to $401 million. They had sent $319.2 million in February 2022.

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.