Pakistan Remittances Climb To $26 Billion In April

5/13/2022 2:56:11 PM

(MENAFN- Khaleej Times) Inflows cross $3 billion in a month for the first time as overseas Pakistanis remit more money for Ramadan and Eid festivities by Muzaffar Rizvi

Published: Fri 13 May 2022, 2:00 PM

Remittances inflows to Pakistan hit another milestone as overseas workers remitted record $3.1 billion in April, latest data shows.

The State bank of Pakistan, the central bank, said worker's remittances crossed $3 billion mark for the first time ever. The country received record $2.8 billion remittances in March, highest in a month at that time.

Overall, remittances recorded 7.6 per cent year-on-year growth during the first 10 months of ongoing financial year 2021-22 and reached at $26.1 billion. Inflows rose 11.2 per cent month-on-month basis and 11.9 per cent year--on-year basis in April, according to the central bank data.

Overseas Pakistanis residing in the Saudi Arabia and the UAE continued to dominate on remittances table with $707 million and $614 million inflows, respectively, in April while the non-resident workers in UK and the US remitted $484 million and $346 million, respectively.

Analysts and bankers attributed the increase in remittances to holy month of Ramadan and Eid festivities as non-resident Pakistanis used to remit higher money back home for zakat, sadqa and Eid celebrations in addition to regular amount to their families.

ALSO READ:

Pakistan economy undergoing tough phase, but will overcome challenges: Experts

KT Exclusive: UAE ties top priority, says Pakistan PM Sharif during first visit

Market insiders said the country is on track to receive up to $31 billion remittances during the financial year, ending on June 30. Pakistan received record $29.4 billion remittances during the previous financial year 2020-21 compared to $23 billion in 2019-20.

MENAFN13052022000049011007ID1104210114

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.