Remittances hit a record high. Beating the market expectations, workers’ remittances sent home by overseas Pakistanis have surprisingly surpassed the $3 billion mark in a month for the first time in history.
“Remittances crossed the monthly mark of $3 billion for the first time,” the State Bank of Pakistan (SBP) reported. “they came $200-300 million more than the market expectations,”
The growth in inflows from almost all the regions across the world suggested that non-resident Pakistanis have sent money generously.
The inflows of workers’ remittances from non-resident Pakistanis play a critical role in the domestic economy, as they help economic managers partially pay for elevated import bills and repay foreign debt. The remittances grew strongly by 11.2% to $3.12 billion in April 2022 as compared to $2.81 billion in the previous month of March. The inflows were 11.9% higher as compared to $2.79 billion recorded a year ago in April 2021, according to the central bank.
