Pakistan’s remittances hit all-time monthly high of $3 billion in April

KARACHI: Remittances sent by overseas Pakistani workers remained over 3 billion U.S. dollars in April for the first time in the country’s history, the State Bank of Pakistan said on Friday.

The remittances rose to 3.1 billion dollars in April, which was 11.2 per cent higher on a month-on-month basis, and 11.9 per cent higher on a year-on-year basis, the central bank said in a statement.

In addition, the remittances grew by 7.6 per cent to 26.1 billion dollars in the first 10 months of the current fiscal year as compared to the same period last year, the statement said.

The inflows during April were mainly from Saudi Arabia, the United Arab Emirates, Britain and the United States, it added.

Workers’ remittances play an important role in Pakistan’s economy as they are one of the major sources of foreign exchange.

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