KARACHI: In March, the State Bank of Pakistan (SBP) said that workers sent $2.8 billion back to their families. This is the 22nd month in a row that workers have sent back more than $2 billion.
Remittances reached a record high of $2.8 billion in the month under review, an increase of 28.3% month-over-month.
For more than a year, workers’ remittances continued their record-setting streak of staying above $2 billion for more than a year. This is the highest level for workers’ remittances in a single month.
In the first nine months of the fiscal year 2021-22, remittances totaled $23 billion, which is 7.1% more than they were in the same time period last year.
Global travel came to a halt after the peak of COVID-19. Remittances have started to improve. People who were doing illegal hawala or hundi also lost their business because of this. The illegal operators used to give remittance senders a better rate than the official channels, like banks, did.
So, remittances started to come in better in June 2020, and they hit a record high of $2.8 billion last month.
Workers’ remittances rose to their highest level in history at $2.8 billion in March 22. Cumulatively, remittances have risen to $23 billion during the first 9 months of FY22, up 7.1% over the same period last year. https://t.co/7XBd4uNES4 pic.twitter.com/2Aw7WjtwKA
— SBP (@StateBank_Pak) April 14, 2022
This is data that is broken down by country.
In March 2022, Pakistanis living in Saudi Arabia sent $677.8 million back to their country. It was more than 20% more than the $558.2 million that was received in February 2022.
There was a lot more money for expats in the United Arab Emirates to send home because receipts went up from $386.6 million to $515.1 million.
There were more remittances from Pakistanis living abroad in the UK. They increased by 25.62 percent to $401.In February 2022, they sent $319.2 million.
They came from other GCC countries like Bahrain, Oman, Kuwait, and Qatar. In the previous month, they came to $261.3 billion. This month, they totaled $343.1 million, a 31.3 percent increase over the previous month.
They increased by 18.03 percent in March, from $237.3 million to $280.1 million from the EU.
