Karachi: The State Bank of Pakistan (SBP) declared on Thursday (April 14) that it received an unprecedented remittance of USD 2.8 billion in March, news sources reported. The remittance is 28.3% higher than the previous month and 3.2% more than the same month last year.
In a Twitter post, the apex bank shared the data of the remittances received so far in the month of March. The report revealed that the cumulative remittances rose to USD 23 billion during the first nine months of the fiscal year (FY) 2021-22. The largest remittance of USD 677.8 million was received from Saudi Arabia.
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/7XBd4uNES4pic.twitter.com/2Aw7WjtwKA
This was followed by the remittance from the United Arab Emirates (UAE) amounting to USD 515 million, the United Kingdom (UK) with USD 401 million, and the United States of America (USA) with a total inflow of USD 300 million. Additionally, the residents of European countries sent a total of USD 280 million.
According to the report, remittances climbed by 7.1% in the first three quarters of (July-March) FY- 2022. In an interview with the media, Arif Habib Limited Research Head Tahir Abbas stated that the increase in remittances was due to Ramzan and that it will continue to rise during the Eid season.
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