Foreign remittances into Pakistan decline by 11pc during July – January State Bank of Pakistan

Foreign remittances into Pakistan decline by 11pc during July – January

KARACHI: Inflows of foreign remittances into Pakistan have declined by 11 per cent during first seven months (July – January) of fiscal year 2022-2023, the central bank said on Monday.

The State Bank of Pakistan (SBP) said it had received $16 billion as workers remittances during first seven months of the current fiscal year as compared with $18 billion received in the corresponding period of the last fiscal year.

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The inflows of remittances from Saudi Arabia and United Arab Emirates (UAE) witnessed massive decline during the period under review.

The remittances from Saudi Arabia plunged by 15.2 per cent to  $2.87 billion during first seven months of the current fiscal year as compared with $3.39 billion in the corresponding period of the last fiscal year.

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Meanwhile, inflow from UAE witnessed a decline of 15.1 per cent to $3.89 billion during July – January 2022-2023 when compared with $4.58 billion in the same period of the last fiscal year.

The inflows of workers remittances from the UK also recorded a decline of 6.4 per cent to $2.31 billion as against $2.47 billion. However, inflows from the US recorded an increase of 2.8 per cent to $1.75 billion during first seven months of the current fiscal year as compared with $1.70 billion in the corresponding period of the last fiscal year.

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The remittance during the month of January 2023 recorded at $1.89 billion when compared with $2.18 billion in the same month of the last year, showing a decline of 13 per cent.

Remittances inflows during January 2023 were mainly sourced from Saudi Arabia ($407.6 million), United Arab Emirates ($269.2 million), United Kingdom ($330.4 million) and United States of America ($213.9 million), according to the SBP.

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