Pakistan receives highest remittance in seven months

According to data from the State Bank of Pakistan, remittances in March 2023 increased by 27.4% compared to February 2023 and reached $2.5 billion, which is the highest amount remitted in the last seven months.

However, compared to March 2022, remittances from overseas Pakistanis were still down by 10.7%. The increase in remittance inflows is attributed to zakat payments during the Holy month of Ramazan and overseas Pakistanis sending more money to families back home in anticipation of Eid.

Remittances mainly came from Saudi Arabia, the UAE, the UK, and the US. Remittances from EU countries and other GCC countries also increased. However, cumulative remittances during the nine months of July-March 2023 were down by 10.8% compared to the corresponding period of the previous year.

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