In a recent report by local media outlets, Saudi Arabia emerges as the leading contributor to Pakistan’s remittance inflow for the month of March.
According to Dawn, a prominent English-language news source in Pakistan, remittances from the kingdom surged to a record high of just over $70 million during the month of Ramadan, marking a notable 30 percent increase from the previous month’s figure of $54 million, as per data provided by the State Bank of Pakistan.
Meanwhile, expatriates residing in the United Arab Emirates (UAE) also significantly contributed to the remittance flow, sending a total of $55 million back home in March, compared to $39 million in February.
The United States witnessed a notable uptick in remittances as well, with a total of just over $37 million sent in March, reflecting a 28 percent increase from the previous month. Similarly, expats in the United Kingdom sent a substantial sum of $46 million back to Pakistan during the holy month.
March saw a remarkable milestone in remittance inflow, with the total sum reaching $3 billion, marking the highest figure since April 2022.
The report further highlights a consistent upward trend in remittances, with a nearly 1 percent year-on-year increase recorded between July 2023 and March 2024.
