• Saturday, August 13, 2022

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Pakistan’s overseas remittances exceed $2bn in March

A logo of the State Bank of Pakistan (SBP) at the head office in Karachi, REUTERS/Akhtar Soomro/File Photo

By: Pramod Thomas

REMITTANCES of $2.7 billion in March from Pakistani workers employed abroad exceeded $2bn for the 10th consecutive month, and were up 43 per cent from a year earlier, the central bank said on Monday (12).

Proactive policy steps by the government and State Bank to spur inflows through formal channels, combined with limited cross-border travel, medical expenses and altruistic transfers amid the pandemic to fuel the rise, it said in a statement.

“The love and commitment of overseas Pakistanis to Pakistan is unparalleled,” prime minister Imran Khan said on Twitter.

“You sent over $2 billion for 10 straight months despite Covid, breaking all records. We thank you.”

The inflows came mainly from the nations of Saudi Arabia, standing at $5.7bn, the United Arab Emirates, at $4.5bn; with $2.9bn from Britain and $1.9bn from the US, the central bank said.

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