KARACHI: The inflow of workers’ remittances recorded an increase of 6.25 per cent to $28.41 billion during the first 11 months (July – May) 2021/2022, State Bank of Pakistan (SBP) said on Friday.
The country received an amount of $26.74 billion in the same period of the last fiscal year.
READ MORE: SBP issues instructions on Hajj related outward remittances
The inflows in May 2022 recorded $2.33 billion when compared with $3.12 billion in April 2022, showing a decline of 25 per cent. The remittances in May 2022 also fell by 6.8 per cent when compared with $2.5 billion received in May 2021.
Remittances in May 2022 were mainly sourced from Saudi Arabia ($542 million), United Arab Emirates ($435 million), United Kingdom ($354 million) and the United States of America ($233 million).
READ MORE: SBP jacks up policy rate by 6.75% to 13.75%
Pakistani workers residing in the US sent an amount of $2.79 billion during the first 11 months of the current fiscal year as compared with $2.35 billion in the same months of the last fiscal year, showing a growth of 18.5 per cent. Similarly, inflows of remittances from the UK registered a growth of 8.5 per cent to $4.02 billion during the period under review as compared with $3.71 billion in the same period of fiscal year 2020/2021.
The Pakistani workers living in the UAE sent an amount of $5.33 billion during July – May 2021/2022 as against $5.61 billion in the corresponding period of the last fiscal year, showing a decline of 5 per cent.
READ MORE: SBP lifts quarantine requirement for banknotes
The inflows from Saudi Arabia remained flat at $7.06 billion during the first eleven months of the current fiscal year as compared with $7.04 billion in the same period of the last fiscal year.
