Remittances rise 3.8pc to $1.8bn in March

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KARACHI: Overseas Pakistani workers remitted $1,894.4 million in March 2020, a rise of 3.8pc or $69.4 million, when compared with $1,825.0 million worth of remittances received in February 2020, according to data released by the State Bank of Pakistan on Friday.

On a year-on-year basis, the remittances received in March 2020 rose 9.3 pc or $160.9 million, when compared with $1,733.5 million received in March 2019.

Workers’ remittances received during the first nine months of the current fiscal year stood at $16,991.6 million, an increase of 6pc or $ 960.7 million when compared with the $16,030.9 million received during the same period of last year.

When comparing remittances received during March 2020 and that received in February 2020, almost all countries witnessed an increase, except for the UK.

Remittances received from Saudi Arabia, UAE, and the USA stood at $452.3 million, $420.4 million, and $352.4 million, respectively. This is an increase of 7.2pc, 8.6pc, and 5.5pc, respectively, when compared to February 2020.

However, remittances from the UK stood at $248.5 million, a decline of 2pc when compared to February 2020.

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