Remittances reach 'Highest Level' in history during march 2022: SBP

Remittances reach ‘Highest Level’ in history during march 2022: SBP

KARACHI – In March 2022, Pakistanis overseas contributed the highest-ever remittances, up 28.3 percent from the same period the previous year.

“Workers’ remittances resumed their record run of remaining over $2 billion in March 2022, with $2.8 billion in inflows. In a statement, the central bank said, “This is the greatest monthly level for employees’ remittances ever.”

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

Remittances grew by 28.3 percent month over month in March 2022, according to the report.

“Remittances increased by 7.1 percent in the first nine months of FY22 compared to the same period last year, totaling $ 23.0 billion,” it noted.

Saudi Arabia ($678 million), the United Arab Emirates ($515 million), the United Kingdom ($401 million), and the United States of America ($300 million) were the largest sources of remittances in March 2022.