Pakistan received the most remittances in history in March, the SBP said

The State Bank of Pakistan has said that remittances to Pakistan reached an all-time high of 2. 2.8 billion in March.   Remittances reached ...

The State Bank of Pakistan has said that remittances to Pakistan reached an all-time high of 2. 2.8 billion in March.

 

Remittances reached 2.8 billion in March; file photo: Reuters

The SBP said in a statement that it had received 2. 2.8 billion in March, up 28.3 percent from the previous month and 3.2 percent more than the same month last year.

"Workers' remittances hit an all-time high of 8 2.8 billion on March 22, and total remittances increased to 23 23 billion in the first nine months of fiscal year 2022," the statement said.

Read more: Remittances increase by. 20.14 billion in first eight months of fiscal year 2022

According to the SBP, "Overall remittances of 23 23 billion in the first quarter of fiscal year 2022 have increased by 7.1% over the previous year." 

* State Bank Chart

Central bank documents show a significant increase in remittances from across the Arab region.

"During March, remittances amounted to 678 million from Saudi Arabia, 1 551.5 million from the United Arab Emirates and 401 million from the United Kingdom," the statement said.

Last month, SBP data showed that employee remittances did not disappoint the government in February, with Pakistan receiving about 2.2 billion, an increase of 2% per month. ۔

Read also: Remittances to record 23 23 billion in fiscal year 2020

The data showed a 2% increase in February on a monthly basis, but a 2.7% decline in February this year compared to the same period last year.

The central bank had said that the country had received remittances of 20.41 billion during the first eight months of the current financial year, an increase of 7.6 per cent over 18 18.7 billion during the same period last fiscal. Do

Last month's figures said that Pakistan is expected to receive about 30 billion this fiscal year, more than its export earnings.

Revenues from the UK rose 10.3 percent to 2.78 billion in the current fiscal year, compared to a very high growth rate of 56.6 percent in the first eight months of the previous fiscal year.

In recent years, remittances from the European Union have topped the list of countries sending about ً 2 billion, with remittances from the EU reaching 2.22 billion during July-February this fiscal year. That's 30.4 percent more, growth in fiscal year 21 was 45.7 percent.

Read more: Remittances increase 27% in FY2021

Australia and Canada also emerged as major sources of remittances, receiving 492 million and 44 million, respectively.

Remittances from Australia fell to 26% this year from 88% in the same period last year.

Remittances from Canada rose 30.4 percent from 80 percent a year earlier.