Remittances to exceed $3.5bn in March

KARACHI: Remittances are expected to cross a record high of $3.5 billion in March, rising 15 per cent month-on-month, driven largely by inflows during Ramazan, according to financial experts and currency dealers.

The spike in remittances has provided the government with much-needed breathing space, easing the burden of external debt repayments and providing strong support to the exchange rate.

“We have sold about $450 million to banks in March — significantly higher than in February...