According to the most recent figures, remittances to Pakistan reached a new high in April, when overseas workers remitted a record $3.1 billion.
The State Bank of Pakistan, the country’s central bank, said that worker remittances had surpassed the $3 billion thresholds for the first time. In March, the country received a record $2.8 billion in remittances, the largest in a month at the time.
Overall, remittances increased 7.6 percent year on year over the first ten months of the current fiscal year 2021-22, reaching $26.1 billion. According to central bank figures, inflows increased 11.2 percent month on month and 11.9 percent year on year in April.
Overseas Pakistanis in Saudi Arabia and the UAE continued to lead the remittances table in April, with $707 million and $614 million inflows, respectively, while non-resident workers in the UK and the US remitted $484 million and $346 million.
Analysts and bankers linked the surge in remittances to the holy month of Ramadan and Eid celebrations, since non-resident Pakistanis used to transmit more money back home for zakat, sadqa, and Eid celebrations in addition to their usual remittances.
According to market experts, the government is on track to receive up to $31 billion in remittances during the fiscal year that ends on June 30. Pakistan received a record $29.4 billion in remittances during the fiscal year 2020-21, up from $23 billion in 2019-20.
