Remittances in March registered an increase of 27.4 percent on a month-on-month (MoM) basis and touched the $2.5 billion mark compared to $2 billion in February 2023, according to data issued by the State Bank of Pakistan (SBP).
This is the highest amount remitted in the last seven months, according to Topline Securities Ltd.
However, remittances received by the country from overseas Pakistanis are still down 10.7 percent on a year-on-year (YoY) basis 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 consecutive week and are being attributed to zakat payments during the Holy month of Ramazan and overseas Pakistanis sending more money to families back home with Eid just around the corner.
Remittance inflows during March 2023 were primarily sourced from 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).
Proceeds from expats residing in the European Union countries increased by 21.7 percent on an MoM basis in March 2023, reaching $298.5 million. Similarly, remittances from other GCC Countries (Bahrain, Kuwait, Qatar, and Oman) increased by 23.2 percent MoM to $297.6 million.
Cumulative remittances during July-March (nine months) were down by 10.8 percent to $20.5 billion as against $23 billion recorded in the corresponding period of last year.
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