Workers’ Remittances in Pakistan Decline by 7.3% in July: SBP

0
495

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.

LEAVE A REPLY

Please enter your comment!
Please enter your name here