KARACHI: On Friday, the central bank announced that remittances from Pakistani employees working abroad had surpassed $3 billion for the first time, with Saudi Arabia and the United Arab Emirates contributing the most.
Pakistan’s dwindling foreign exchange reserves are heavily reliant on remittances.
“Workers’ remittances crossed $3 billion for the first time in April 2022, with $3.1 billion inflows from the United States,” the central bank said. “In terms of growth, remittances increased by 11.2 percent month over month and 11.9 percent year over year in April 2022.”
Remittances increased 7.6 percent to $26.1 billion in the first ten months of fiscal year 2022, compared to the same period the previous year.
According to the central bank, the largest sources of remittances in April 2022 were Saudi Arabia ($707 million), the United Arab Emirates ($614 million), the United Kingdom ($484 million), and the United States of America ($346 million).