KARACHI: Pakistan’s monthly remittances are expected to cross a record $3.5 billion in March, marking a 15 percent increase from February, largely due to inflows during Ramazan, according to financial experts and currency dealers.
According to a news report, the rise has contributed to easing pressure on the country’s external payments and stabilising the exchange rate.
Zafar Paracha, general secretary of the Exchange Companies Association of Pakistan (ECAP), said that exchange companies sold around $450 million to banks in March, up sharply from February and higher than the same month last year.
Remittance inflows for March are estimated at over $3.5 billion, compared to $3.11 billion in February. The country had received $2.95 billion in March 2024 and $2.5 billion in March 2023.
Pakistan received $23.96 billion in remittances during the first eight months of FY25, a 32.5% increase from $18.08 billion in the same period of FY24. The government had projected $35 billion in remittances for the fiscal year, but some currency dealers now expect the total to reach $36 billion.
Paracha said the government had already achieved its annual target, citing continued growth in inflows.
According to banking market data, remittances from the UAE rose 56% to $4.85 billion during July-February FY25, while those from Saudi Arabia increased by 34.6% to $5.89 billion.
