Pakistan’s remittances surged 37% YoY to a record USD 4.1 bln in March, according to the State Bank. This beats the previous USD 3.16 bln high from June and signals recovery supported by the IMF loan program. The central bank raised its full-year remittance forecast to USD 38 bln from USD 36 bln and expects FX reserves to reach USD 14 bln by June.