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Pakistan received record high $2.8bn remittances in March: SBP

Central bank says remittances increased by 3.2pc year-on-year

The State Bank of Pakistan has revealed that the country received record-high remittances worth $2.8 billion in the month of March, 3.2pc more than the same month last year.

“Workers’ remittances rose to their highest level in history at $2.8 billion in March 22. Cumulatively, remittances have risen to $23 billion during the first nine months of Financial Y22,” the central bank said in a tweet shared by its official account.

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“Cumulatively at $23bn, remittances grew by 7.1pc during first three quarters of FY22 compared with last year,” it said.

The SBP data available on the central bank’s website shows that remittances from the entire Arab region have recorded significant growth. The most amount of remittances recorded were sent from the US, UK, and other EU countries.

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“Remittances inflows during March 2022 were mainly sourced from Saudi Arabia ($678mn), United Arab Emirates ($515mn), United Kingdom ($401mn) and the United States of America ($300mn),” the SBP added.

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