Remittances reach 'highest level in history' during March 2022: SBP

KARACHI: The State Bank of Pakistan (SBP) on Thursday said shared that the workers’ remittances soar to highest level in history during March 2022, ARY NEWS reported.

Taking to Twitter to share the details, the SBP said that workers’ remittances rose to their highest level in history at US$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,” the central bank said.

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

According to details, the country received remittances of US$678 million from Saudi Arabia, US$515 million from United Arab Emirates (UAE), $401 million from Britain and US$300 million from United States (US) during the month of March.

It is pertinent to mention here that the State Bank of Pakistan’s (SBP) foreign exchange reserves fell by $720 million to $11.31 billion in a week, central bank data showed on Thursday.

Read More: SBP jacks up monetary policy rate to 12.25%

The SBP said the central bank’s reserves were recorded at $11.31 billion during the week that ended on April 1, down $720 million compared to $12.047 billion on March 25.

Overall reserves held by the country, including net reserves of commercial banks, stood at $17.47 billion as of April 1, the SBP said, adding net foreign reserves of banks dropped by $340.95 million to $6.15 billion.