Pakistan Receives Highest Ever Remittances of $2.8 Billion in A Single Month

Pakistan Receives Highest Ever Remittances of $2.8 Billion in A Single Month in 2022

In March 2022, Pakistan received the highest monthly remittances of $2.8 billion from overseas Pakistanis.

The seasonal impact has been attributed to the increasing inflows of remittances, as remittances sent by overseas Pakistanis are traditionally higher ahead of Eid or Ramadan due to religious obligations such as Zakat, and Sadaqat, Fitra, and expenditures on account of Eid festivities.

The increased use of Roshan Digital Accounts by overseas Pakistanis could also be attributed to the increase in remittance inflows. Furthermore, the increase in remittances reflected the contribution of thousands of Pakistanis who moved to various countries for work since the start of the calendar year.

The seasonal high remittances are likely to have an impact on April inflows as well.

According to the State Bank of Pakistan, remittances increased by 28.3 percent month on month and 3.2 percent year on year during March 2022.

Workers’ remittances have maintained an unprecedented streak of remaining above $2 billion since June 2020. This is the highest monthly level ever recorded for worker remittances.

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