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Remittances cross $3bn mark for first time

Remittances jump by 12% to $3.12bn in April 2022, up from $2.79bn in April 2021

In a historic first, the workers’ remittances sent to Pakistan from abroad surpassed expectations by an astounding 12%, amounting to a record high of $3.12 billion in April 2022 compared to last year’s amount of $2.79 billion in April 2021.

The State Bank of Pakistan reported on Friday that the receipt of much-needed foreign exchange, as a geopolitical and economic crisis had overwhelmed Pakistan, pressed total remittances to an all-time high at $3.1 billion in the previous month.

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Remittances increased by 11.2% on a monthly basis. Meanwhile, on a cumulative basis, remittances equaled to $26.1 billion in the initial 10 months of the fiscal year 2021-22, witnessing a yearly increase of 7.6%.

Remittances began to improve after global travel halted during the peak phases of the COVID-19 pandemic.

Alpha Beta Core CEO Khurram Schehzad told media that the increase was due to the Eid season, as many “expatriates send more money during Eid days”. He added that because of soaring inflation, overseas Pakistanis had amplified the remittances to provide financial support to their families.

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The analyst predicted that momentum of growth would carry on but would experience a slight slowdown. Central banks have begun to raise interest rates globally “which would slow down the pace of remittances”, he added.

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