March remittances soar to near $3 billion, up 31.27% MoM

Remittances from overseas Pakistani workers soared by 31.27% month-on-month (MoM) to $2.95 billion in March from $2.25 billion recorded in the previous month, the latest data released by the State Bank of Pakistan (SBP) showed on Monday.

The notable rise can mainly be credited to increased inflows during Ramadan, which typically experiences a surge as expatriates send additional funds home for Eid expenses.

Arif Habib Limited (AHL) in a note said remittances increased by 16% year-on-year (YoY) to $3 billion — highest monthly inflows after April 2022 — during March 2024 compared to $2.5 billion in March 2023.

During 9MFY24, remittances went up by 0.9% year-on-year basis to $21 billion as compared to $20.8 billion in 9MFY23, according to AHL.

Pakistanis expatriates in Saudi Arabia led the remittances by sending the highest amount in March 2024 ($703.1 million) during the month. This figure marked a 30% increase compared to the previous month and a 24% rise year-on-year.

Inflows from the United Arab Emirates (UAE) surged by a massive 43% on a monthly basis, rising from $385 million in February to $548 million in March. Yearly comparisons showed a 34% increase, compared to $410 million reported in the same month the previous year.

In March, remittances from the United Kingdom reached $462 million, representing a 33% increase from February 2024, when they amounted to $346 million.

Remittances from the European Union experienced a notable uptick, increasing by 19% compared to the previous month and showing a 6% improvement year-on-year, reaching $315 million in March 2024.

Pakistanis living in the US sent $373 million in March 2024, marking an 18% increase year-on-year and a 30% increase month-on-month.