Pakistan remittances cross $3 billion for first time

KARACHI: The central bank announced on Friday that remittances from Pakistani employees abroad have surpassed $3 billion for the first time, with Saudi Arabia and the United Arab Emirates contributing the most.

Pakistan's decreasing foreign exchange reserves rely heavily on remittances.

"Workers' remittances crossed $3 billion for the first time in April 2022, with the US $3.1 billion inflows," the central bank announced. "In terms of growth, remittances climbed by 11.2 percent on a month-over-month basis and 11.9 percent on a year-over-year basis in April 2022."

Remittances climbed 7.6% in the first ten months of the fiscal year 2022, to $26.1 billion, compared to the same period the previous year.

https://twitter.com/StateBank_Pak/status/1525003527818469378

Saudi Arabia ($707 million), the United Arab Emirates ($614 million), the United Kingdom ($484 million), and the United States of America ($346 million) were the largest sources of remittances in April 2022, according to the central bank.