ISLAMABAD: Remittances from Pakistani workers employed abroad hit the highest level for a single month in March at $2.8 billion, the central bank said on Thursday, with the highest contributions from Saudi Arabia and the UAE.
Remittances are key to Pakistan’s dwindling foreign exchange reserves.
“With $2.8 billion of inflows during March 2022, workers' remittances continued their unprecedented run of remaining above $2 billion since June 2020,” the central bank said. “This is the highest ever monthly level for workers’ remittances.”
During March 2022, remittances increased by 28.3 percent month-on-month and 3.2 percent on a year-on-year basis.
Cumulatively at $ 23.0 billion, remittances grew by 7.1 percent during nine months of fiscal year 2022 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),” the central bank said.
