Forex News

Overseas Pakistanis send $3 billion; the greatest monthly total in history.

KARACHI: The State Bank of Pakistan (SBP) said on Friday that employees’ remittance inflows surpassed $3 billion in April 2022, the largest monthly total ever.

“With $3.1 billion sent home by workers in April 2022, this was the first time in history that worker remittances were more than $3 billion.”

In terms of growth, remittances climbed 11.2% month-over-month (MoM) and 11.9% year-over-year (YoY) in April 2022.

During the first 10 months of the fiscal year 2021/22, total remittances increased 7.6% to $26.1 billion, as compared to the same time in the previous fiscal year.

In April, the largest sources of remittances were Saudi Arabia ($707 million), the United Arab Emirates ($614 million), the United Kingdom ($484 million), and the United States ($344 million).

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