Central Bank: Remittances to Pakistan increased by 27.1 percent in March

Remittances of Pakistani workers abroad increased by 27.1 percent in March on a monthly basis, Bank of Pakistan reported.

In this context, the Central Bank said that workers' remittances recorded an inflow of $2.53 billion in March, compared to the previous month's statistics of $1.99 billion, adding that they decreased by 10.6 percent year-on-year.

With a cumulative inflow of $20.52 billion between July and March in the 2023 fiscal year, remittances decreased by 10.8 percent year on year, according to the statistics.

Last month, remittances came mainly from Saudi Arabia, amounting to $563.9 million, with $406.7 million from the UAE, $422 million from Britain and $316 million from the United States, according to the bank.

It is worth noting that workers' remittances play an important role in the Pakistani economy, as they are one of the main sources of foreign currency.