Workers’ remittances increase by 27.4% in March
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Good news for the economy as workers’ remittances have registered an increase of 27.4% in the month of March as compared to remittances sent in the month of February this year, reported 24NewsHD TV channel.
With 27.4% increase, the remittances exceeded $2.53 billion during March 2023.
The State Bank of Pakistan in it tweet posted on Monday wrote: “Workers’ remittances recorded an inflow of US$2.5 billion during Mar 23, indicating an increase of 27.4% over Feb 23.
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
In February 2023, the country received an inflow of remittances to the tune of $1.98 billion.
However, the remittances have dropped by 10.6% YoY compared to $2.83bn in March 2022.
The cumulative inflow for the nine months of fiscal year 2023 clocked in at Rs20.52bn, plummeting by 34.37% YoY compared to the same period last year.
Apart from this, the surge in the remittances on MoM basis is a positive sign for the economy.
The remittances usually come from Saudi Arabia, UAE, the United Kingdom and the United States.
However, the largest portion of remittances come from Saudi Arabia.
According to economic experts, the increase in remittance inflow could be attributed to the month of Ramadan and the upcoming Eidul Fitr.
Reporter Ashraf Khan