Workers' remittances increase to $2.5bn in March

April 10, 2023 (MLN):  Workers' remittances for the month of February registered an increase to 27.41% MoM $2.5 billion, compared to $1.98bn in February 2023, data issued by SBP revealed today. 

The notable upsurge in remittances can primarily be attributed to the month of Ramadan and the upcoming Eid festivities, during which the Pakistani diaspora has demonstrated their affection for their loved ones by sending money back home. This trend has been a significant contributor to the overall increase in remittance inflows to Pakistan.

However, on yearly basis, the remittances have dropped by 10.6% YoY as compared to $2.83bn in March 2022. 

Despite the decline in the yearly comparison, the increase in remittances for the month of March is a positive sign for the economy. 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 $563.6 million.

It is worth noting that the cumulative inflow for the nine months of FY23 clocked in at Rs20.52bn, plummeting by 34.37% YoY compared to the same period last year.

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