‘Remittances sent by Pak expats reach $2.5 billion in March’

Islamabad: Pakistani expatriates sent home $2.5 billion in remittances in March, a seven-month high, the State Bank of Pakistan said on Monday, as the cash-strapped country tried to avert a major economic crisis.

The data from the central bank showed that the inflow of workers’ remittances was 27 per cent higher compared to February. However, it was 11 per cent lower compared to March 2022, Geo News reported.

Pakistan, currently tackling a major economic crisis, is grappling with high external debt, a weak local currency and dwindling foreign exchange reserves.

According to the report, historical trends suggest that Pakistanis living abroad sent record-high remittances ahead of Eid festivals each year.

According to the report, inflows remained comparatively high as non-resident Pakistanis used legal channels to send funds to their family, given the shrinking gap between rates in the interbank and the open market.

Pakistani expatriates in Saudi Arabia topped the list of remittances by sending an amount of $563.9 million in March.

However, it was 24.04 per cent lower than the $454.6 million received in February, the report said. Pakistanis living in the UAE sent home 25.52 per cent more as receipts increased from $406.7 million to $324 million.