Remittances fall to $20.5bn

Due to the Ramazan factor, the remittances sent by overseas Pakistani workers grew 27.4 per cent month-on-month in March, but the country lost $2.5 billion in the first nine months of FY23 due to an artificial exchange rate cap. The State Bank of Pakistan (SBP) reported on Monday that remittances rose to $2.5bn in March against $1.9bn in February. However, the inflows dipped 10.71pc when compared with the $2.8bn the country received in March last year. Bankers and currency dealers were expecting higher remittances as overseas Pakistanis used to remit more in the holy month for their families and also for charity purposes including Zakat. Currency dealers said remittances usually increase in the range of 15 to 20pc during the fasting month. “With the cumulative inflow of $20.5bn during the first nine months of FY23, the remittances recorded a decline of $2.491bn when compared with $23.018bn remitted during the same period last year,” the central bank data showed.