Money & Business
Pakistan’s remittances hit all-time high
Remittances from Pakistani workers employed abroad exceeded a record $3 billion in April, the central bank said on Friday as the country’s foreign reserves dwindled to $16.37 million due to external debt payments.
The surge in remittances have been critical in restraining rises in the current account deficit though it has swelled to $13.1 billion in the first nine months of fiscal year 2022. In terms of growth, remittances in April increased by 11.2% on a month-on-month basis and 11.9% year-on-year.
Cumulatively, at $26.1 billion, remittances grew by 7.6% during the first 10 months of fiscal year 2022, compared with the 2021 fiscal period, the central bank statement said.