In July 2023, the State Bank of Pakistan (SBP) reported a decline in the inflow of overseas Pakistani workers’ remittances, which stood at $2.0268 billion compared to $2.51 billion in the same month the previous year.
The data provided by the SBP indicates that Saudi Arabia topped the list of countries from where overseas Pakistanis sent remittances, with $486 million. The United Arab Emirates (UAE) followed with $315 million, United Kingdom (UK) with $305.7 million, and the United States (US) with $238.1 million.
Furthermore, workers’ remittances in Pakistan experienced a year-on-year decline of 15.9%, reaching $27 billion in fiscal year 2022-23. This represents a decrease from $31.30 billion in the previous fiscal year, according to SBP data.
In June 2023, the major sources of remittances were Saudi Arabia ($515 million), the United Kingdom ($342.9 million), the UAE ($324.7 million), and the US ($272.2 million).
During the same month, remittances from overseas Pakistanis residing in Bahrain amounted to $37.4 million, while those from Kuwait reached $70.5 million, Qatar at $76.8 million, and Oman at $87.1 million.
Additionallly, remittances from Germany, France, Netherlands, Spain, Italy, Greece, Sweden, Denmark, Ireland, and Belgium were recorded at $17.8 million, $15.4 million, $26.4 million, $27.5 million, $41.1 million, $33.2 million, $25.6 million, $1.7 million, $2.8 million, and $3.2 million respectively.
Despite the decline in remittance inflows, it is important to acknowledge the significant contributions made by overseas Pakistani workers in supporting their families and the economy of Pakistan.