Record remittances exceed 3 billion in April, says SBP

The SBP has said that in April 2022, Pakistan received a record amount of remittances of 3.1 billion from abroad, with remittances of more t...

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The SBP has said that in April 2022, Pakistan received a record amount of remittances of 3.1 billion from abroad, with remittances of more than 3 billion reaching the country for the first time so far.

 

According to a statement issued by the State Bank of Pakistan, remittances increased by 11.2% month-on-month and 11.9% year-on-year during April 2022.

During the first 10 months of fiscal year 2022, remittances totaled 26.1 billion, up 7.6 percent from the same period last year.

READ ALSO: Remittances increase by 20.14 billion in first eight months of fiscal year 2022

During April 2022, most of the money came from Saudi Arabia, 707 million, the United Arab Emirates from 61 614 million, the United Kingdom from 48 484 million, and the United States from 344 million.

It may be recalled that last month, the State Bank of Pakistan had said that Pakistan had the highest remittance of 2.8 billion so far in March.

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

Also read: SBP receives highest remittance to Pakistan in March

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

It may be recalled that earlier in February, remittances from employees did not prove to be disappointing for the government, with Pakistan receiving about 2 billion, an increase of 2% per month.

The State Bank of Pakistan (SBP) had released the latest remittance data which showed an increase of 2% in February on a monthly basis, however it declined by 2.7% in February this year as compared to the same period last year. Was