Pakistan remittances climb to $26 billion in April

Inflows cross $3 billion in a month for the first time as overseas Pakistanis remit more money for Ramadan and Eid festivities



by

Muzaffar Rizvi

Published: Fri 13 May 2022, 2:00 PM

Remittances inflows to Pakistan hit another milestone as overseas workers remitted record $3.1 billion in April, latest data shows.

The State Bank of Pakistan, the central bank, said worker's remittances crossed $3 billion mark for the first time ever. The country received record $2.8 billion remittances in March, highest in a month at that time.

Overall, remittances recorded 7.6 per cent year-on-year growth during the first 10 months of ongoing financial year 2021-22 and reached at $26.1 billion. Inflows rose 11.2 per cent month-on-month basis and 11.9 per cent year--on-year basis in April, according to the central bank data.

Overseas Pakistanis residing in the Saudi Arabia and the UAE continued to dominate on remittances table with $707 million and $614 million inflows, respectively, in April while the non-resident workers in UK and the US remitted $484 million and $346 million, respectively.

Analysts and bankers attributed the increase in remittances to holy month of Ramadan and Eid festivities as non-resident Pakistanis used to remit higher money back home for zakat, sadqa and Eid celebrations in addition to regular amount to their families.

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Market insiders said the country is on track to receive up to $31 billion remittances during the financial year, ending on June 30. Pakistan received record $29.4 billion remittances during the previous financial year 2020-21 compared to $23 billion in 2019-20.


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