KARACHI: Remittances from Pakistani workers employed abroad crossed $3 billion for the first time ever, the central bank said on Friday, with the highest contributions from Saudi Arabia and the United Arab Emirates.
Remittances are key to Pakistan’s dwindling foreign exchange reserves.
“With US $3.1 billion inflows during April 2022, workers’ remittances crossed $3 billion for the first time ever,” the central bank said. “In terms of growth, during April 2022, remittances increased by 11.2 percent on m/m basis and 11.9 percent on y/y basis.”
Cumulatively, at $26.1 billion, remittances grew by 7.6 percent during the 10 months of fiscal year 2022 compared to the same period last year.
“Remittances’ inflows during April 2022 were mainly sourced from Saudi Arabia ($707 million), United Arab Emirates ($614 million), United Kingdom ($484 million) and the United States of America ($346 million),” the central bank said.
