Overseas Pakistanis send $2.5 billion remittances in March

KARACHI – Pakistan recorded an inflow of $2.5 billion in wake of workers’ remittances during March 2023 with the highest contribution from Saudi Arabia and UAE.

“In terms of growth, during Mar 23, remittances increased by 27.4 percent on m/m and decreased by 10.7 percent on y/y basis,” reads the State Bank of Pakistan’s statement.

With cumulative inflow of $ 20.5 billion during first nine months of fiscal year 2023, the remittances decreased by 10.8 percent as compared to the same period last year.

Remittances inflows during Mar 23 were mainly sourced from Saudi Arabia ($563.9 million), United Arab Emirates ($406.7 million), United Kingdom ($422 million) and United States of America ($316 million), it said. 

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