ISLAMABAD: Overseas Pakistanis have sent a record amount of $2.8 billion in the month of March 2022 to their loved ones ahead of Eid-ul-Fitr to support their families.
Every year, expatriates send more foreign exchange a couple of weeks ahead of Eid festivities.
According to the State Bank of Pakistan, 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 in the month of March 2022.
In terms of growth, during March 2022, remittances increased by 28.3 percent on m/m basis and 3.2 percent on y/y basis.
Cumulatively at $ 23.0 billion, remittances grew by 7.1 percent during 9 months of FY22 compared with last year.
Remittances inflows during March 2022 were mainly sourced from Saudi Arabia ($678 million), United Arab Emirates ($515 million), United Kingdom ($401 million) and United States of America ($300 million).
