KARACHI: The remittances sent by overseas Pakistani hit all time high on annual basis to $31.2 billion in fiscal year 2021/2022, the State Bank of Pakistan (SBP) said on Monday.
The overseas Pakistanis sent $31.24 billion during fiscal year 2021/2022 as compared with $29.45 billion in the preceding fiscal year, showing a growth of 6.1 per cent.
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Pakistanis workers living in Saudi Arabia sent the highest amount of $7.74 billion during fiscal year 2021/2022 as against $7.73 billion in the preceding fiscal.
In terms of growth, the highest inflows of remittances received from the US. The Pakistanis working in the US have sent $3.08 billion during fiscal year 2021/2022 as compared with $2.60 billion in the preceding fiscal year, showing an increase of 18.5 per cent.
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Pakistan received an amount of $4.48 billion from the UK during the fiscal year 2021/2022, increased by 9.7 per cent when compared with 4.09 billion in the preceding fiscal year.
On the regional basis, Pakistan received an amount of $5.84 billion from the UAE during the fiscal year 2021/2022, declined by 5.2 per cent when compared with $5.61 billion in the preceding fiscal year.
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The country received an amount of $3.62 billion from Gulf Cooperation Countries (GCC) during fiscal year 2021/2022, showing an increase of 8.7 per cent when compared with $2.91 billion in the preceding fiscal year. The GCC countries are included Bahrain, Kuwait, Qatar and Oman. The inflow of remittances from the EU countries recorded sharp growth of 23.2 per cent. Pakistan received an amount of $3.36 billion during fiscal year 2021/2022 when compared with $2.73 billion in the preceding fiscal year.
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In June 2022, remittances rose to $2.76 billion, increasing by 18.4 per cent on Month on Month (MoM) basis and 1.7 percent on Year on Year (YoY) basis.
In June, remittances were mainly sourced from Saudi Arabia ($666 million), United Arab Emirates ($495 million), United Kingdom ($455 million) and United States of America ($285 million).
