Workers’ remittances decline by 7.3pc in July: SBP

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KARACHI
Remittances sent home by overseas Pakistani workers declined by 7.3 percent and reached $2.0268 billion in July, a drop of 19.7 percent on a year-on-year basis.
According to the data provided by State Bank of Pakistan (SBP), the inflow of overseas Pakistani workers’ remittances clocked at $$2.0268 billion in July 2023 against $2.51 billion in the same month last year.
The SBP data shows, overseas Pakistanis workers in Saudi Arabia remitted $486 million, United Arab Emirates (UAE) sent $315 million, $305.7 million from United Kingdom (UK) and $238.1 million from United States (US).
Earlier, Pakistan workers’ remittances fell by 15.9 percent on a year-on-year basis to $27 billion in FY2022-23 as compared to 2021-22. According to the data released by the State Bank of Pakistan (SBP), Pakistan workers’ remittances stood at $27 billion in 2022-23 as compared to $31.30 billion in FY 2021-22.
According to the remittances’ inflows during June 2023 were mainly sourced from Saudi Arabia ($515 million), the United Kingdom ($342.9 million), the United Arab Emirates ($324.7 million), and the United States of America ($272.2 million). During the corresponding month, the overseas Pakistanis living in Bahrain sent $37.4 million, from Kuwait $70.5 million, from Qatar $76.8 million whereas $87.1 million were dispatched from Oman.
Similarly, the inflows 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.