Summary The inflows were the highest recorded since August 2022, and attributed to the Ramazan factor
KARACHI (Web Desk) - Overseas Pakistanis sent 27.4 per cent more remittances in March as compared to February this year.
Data released by the State Bank of Pakistan (SBP) on Monday shows that inflow of overseas workers’ remittances registered a significant increase to clock in at $2.5 billion in March 2023 as compared to $1.98 billion in February 2023, .
The inflows were the highest recorded since August 2022, and attributed to the Ramadan factor.
Overseas Pakistanis in Saudi Arabia remitted the single largest amount in March 2023 as they sent $564 million during the month. This was nearly 18pc lower than the $686 million sent by expatriates in the same month of the previous year.
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
Inflows from the United Kingdom inched up 5pc as they increased from $402m in March 2022 to $422m in March 2023.
Remittances from the United Arab Emirates amounted to $407m during the month, a decline of 22pc compared to $521m in March 2022.
In addition, the remittances from the European Union increased 6pc as they amounted to $299m in March 2023. Overseas Pakistanis in the US sent $316m in March 2023, registering a year-on-year growth of 5pc.
