Karachi (Web Desk): Remittances sent home by overseas Pakistanis hit a seven-month high at $2.5 billion in March.
According to the State Bank of Pakistan (SBP), the inflow of workers’ remittances was 27% higher compared to the prior month of February; however, it was 11% lower compared to March 2022.
Moreover, inflows remained comparatively high as non-resident Pakistanis used legal channels to send funds to their family members due to the shrinking gap between rates in the interbank and open market.
Meanwhile, the central bank — in its monthly remittance bulletin — stated that with the cumulative inflow of $20.5 billion during the first nine months of the fiscal year 2022-23, the remittances decreased by 10.8% as compared to the same period last year.