ISLAMABAD: The country received record-high remittances of $2.8 billion in the month of March, 28.3 per cent higher over last month and 3.2pc more than the same month last year, the State Bank of Pakistan (SBP) said on Thursday.
“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 9 months of FY22,” the central bank said.
“Cumulatively at $ 23bn, remittances grew by 7.1pc during first three quarters of FY22 compared with last year.”
The SBP data shows that remittances from the entire Arab region have recorded significant growth.
“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.
On the other hand, SBP’s foreign exchange reserves dipped by $470 million to $10.849 billion during the week that ended on April 8, data released by the central bank showed on Thursday.
The total liquid foreign reserves held by the country, including net reserves of commercial banks, stood at $17.028 billion as of April 8. Net foreign reserves of banks were recorded at $6.178 billion.
The SBP said said its reserved decreased due to external debt repayments.
