Pakistan’s remittances up27.4% to $2.53bn in March

KARACHI: Remittances sent by overseas Pakistani workers registered an increase to 27.4pc MoM $2.53 billion, compared to $2bn in February 2023, data issued by SBP revealed Monday.

According to data issued by the central bank, the workers’ remittances in March 2023 clocked in at $2.53 billion compared to $2 billion in February.

However, on yearly basis, the remittances have dropped by 10.6% YoY as compared to $2.8bn 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

Pakistan received $20.527 billion in foreign remittances from July to March 2022-23, the report said.

The inflows mainly came from Saudi Arabia, the United Arab Emirates, the United Kingdom, and the United States of America, with Saudi Arabia being the largest contributor at $563.9 million.

Despite the decline in the yearly comparison, the increase in remittances for the month of February is a positive sign for the economy.