Pakistan received $2.8 billion in remittances in March this year which is the highest ever money transfer received by the country from abroad.
“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,” said the state bank in a statement.
“Cumulatively at $ 23bn, remittances grew by 7.1pc during first three-quarters of FY22 compared with last year.” It added.
The monthly remittance for March 2022 increased 28.3% on a month-on-month basis compared to February and 3.2% more than the same month last year.
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.
Past trends suggested that overseas Pakistani sent record high remittances during the month of Ramadan and Eid festivals every year, according to experts.
However, the remittances also started improving after global travel came to a standstill during the peak of COVID-19.
Highest Remittance inflow from Saudia:
According to the data issued by the SBP, remittances from the entire Arab region have recorded significant growth, with the highest inflow from Saudi Arabia.
Pakistanis residing in Saudi Arabia remitted an amount of $677.8 million in March this year which was 21.42% higher than the $558.2 million received in the previous month.
“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),” said the statement.
Other notable increases in the remittance inflow:
- A 31.3% increase from other GCC countries (Bahrain, Oman, Kuwait, and Qatar) as remittances reached $343.1 million as compared to $261.3 billion in the previous month.
- An increase of 18.03% to $280.1 million from the European Union during March against $237.3 million in February.