Workers’ remittances to Pakistan surged to a two-year high in March, reaching $2.95 billion and totaling $21 billion in the first nine months of fiscal year 2024. This increase is attributed to non-resident Pakistanis sending higher amounts to their families during Ramazan and the upcoming Eid festival.
The State Bank of Pakistan reported a 31.1% increase in remittances in March compared to February and a 16.4% increase compared to March 2023. Tahir Abbas from Arif Habib Limited noted that this surge is in line with expectations, as many overseas Pakistanis traditionally send more money during Ramazan to support their families and contribute to charitable causes in Pakistan.
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The return of stability in the rupee-dollar exchange rate has also encouraged more expatriates to send funds through official channels, boosting remittances. The inflows in March primarily came from Saudi Arabia, the United Arab Emirates, the United Kingdom, and the United States of America. Abbas projected that total remittances for the year may reach close to $30 billion, higher than the SBP’s projection of $28 billion, citing improving global economic conditions and sustained healthy inflows from Pakistani expatriates.
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