The State Bank of Pakistan (SBP) announced on Thursday that the country received record-high remittances of $2.8 billion in March, up 28.3% from the previous month and 3.2 percent more than the same month last year.
“In March 22, workers’ remittances hit a new record of $2.8 billion, the biggest level in history. During the first nine months of FY22, total remittances reached $23 billion “According to the central bank.
“Remittances increased by 7.1 percent to $ 23 billion in the first three quarters of FY22 compared to the same period previous year.”
According to SBP data, remittances from the Arab world as a whole have increased significantly.
“In March 2022, remittances inflows were primarily from Saudi Arabia ($678 million), the United Arab Emirates ($515 million), the United Kingdom ($401 million), and the United States of America ($300 million),” according to the SBP.
According to the State Bank of Pakistan, remittances climbed by 28.3 percent on a month-over-month basis and 3.2 percent on a year-over-year basis in March 2022.
Since June 2020, workers’ remittances have remained above $2 billion, which is an all-time high. Workers’ remittances have never been higher in a single month.
Remittances increased by 7.1 percent in the first nine months of FY22, totaling $ 23.0 billion, compared to the same period last year. With only three months left in the fiscal year, remittances are on track to surpass $30 billion for the first time in history.
Saudi Arabia received $678 million in remittances in March 2022, followed by the United Arab Emirates with $515 million, the United Kingdom with $401 million, and the United States of America with $300 million.
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