[vc_row][vc_column][vc_column_text dp_text_size=”size-4″]According to data released by the State Bank of Pakistan, remittances increased by 27.4 percent month on month (MoM) in March and reached $2.5 billion, up from $2 billion in February 2023. (SBP).
According to Topline Securities Ltd., this is the largest amount remitted in the last seven months.
Remittances received by the country from overseas Pakistanis, however, are down 10.7 percent year on year (YoY) from $2.8 billion in March 2022.
Workers’ remittances recorded an inflow of US$2.5 billion during Mar 23, indicating an increase of 27.4% over Feb 23. For details see https://t.co/rPOvn9Dr8N https://t.co/7XBd4uOcHC pic.twitter.com/Czrv9jaNsO
— SBP (@StateBank_Pak) April 10, 2023
Overall, remittance inflows have increased for the second week in a row, owing to zakat payments during the Holy month of Ramazan and overseas Pakistanis sending more money to family members back home with Eid approaching.
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Saudi Arabia ($563.9 million), the United Arab Emirates ($406.6 million), the United Kingdom ($422.04 million), and the United States ($315.9 million) were the primary sources of remittance inflows in March 2023.
Expat earnings in European Union countries increased by 21.7 percent year on year in March 2023, reaching $298.5 million. Remittances from other GCC countries (Bahrain, Kuwait, Qatar, and Oman) increased by 23.2 percent year on year to $297.6 million.
Cumulative remittances from July to March (nine months) were down 10.8 percent to $20.5 billion, compared to $23 billion in the same period last year.[/vc_column_text][/vc_column][/vc_row]
