KARACHI: According to the State Bank of Pakistan (SBP), workers’ remittances remained over $2 billion for the 22nd consecutive month in March, with an inflow of $2.8 billion.
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.
During the first nine months of fiscal year 2021-22, remittances totaled $23 billion, an increase of 7.1% from the same period last year.
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
Global travel came to a halt during the height of COVID-19, which led to an improvement in remittances. This disruption also disrupted the network of illegal hawala/hundi operators, who could offer remittance senders a better rate than what was offered by official channels like banks
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.