Karachi, December 8, 2023 – The State Bank of Pakistan (SBP) has reported a notable decline in foreign remittances, revealing a 10 percent drop to $11.05 billion during the initial five months (July – November) of the current fiscal year 2023-2024.
(more…)Tag: foreign remittances
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Pakistan Experiences 11.54% Surge in Foreign Remittances Amidst Crackdown on Smuggling
Karachi, November 10, 2023 –Pakistan has recorded a substantial 11.54% increase in foreign remittances, reaching $2.46 billion in October 2023. This surge, as reported by the State Bank of Pakistan (SBP) on Friday, is attributed to the government’s robust crackdown against currency smuggling and hoarding.
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Pakistan Reports 20% Decline in Foreign Remittances During First Quarter of FY24
Karachi, October 10, 2023 – Pakistan has experienced a significant 20 percent decline in foreign remittances during the first quarter (July – September) of fiscal year 2023-24.
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Pakistan Scraps Proposal to Grant Immunity to Foreign Remittances
Karachi, June 28, 2023: Following strong criticism from stakeholders, Pakistan has decided to withdraw its proposal to grant immunity to the inflow of foreign remittances.
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Pakistan inward remittances drop by 29% in April 2023
According to data released by the State Bank of Pakistan (SBP) on Wednesday, the inflow of foreign remittances into Pakistan has sharply dropped by 29% during the month of April 2023.
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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.
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Pakistan remittances from Saudi Arabia fall by 7.5% in two months
KARACHI: Remittances sent by overseas Pakistani workers living in Saudi Arabia fell by 7.5 per cent during first two months of the fiscal year 2022/2023.
Pakistani workers living in Saudi Arabia are remain the major sender of remittances during the period under review. The country received $1.27 billion from Saudi Arabia during July – August 2022 as compared with $1.37 billion in the corresponding period of the last year, according to data released by the State Bank of Pakistan (SBP) on Tuesday.
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The overall remittances sent by Pakistani workers declined by 3 per cent during first two months (July – August) 2022/2023. The overseas Pakistani workers sent $5.25 billion during first two months of the current fiscal year as compared with $5.42 billion in the same months of the last fiscal year.
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The inflows from the UAE recorded a decline of 8.2 per cent during the period under review. The remittances from the UAE fell to $987 million during first two months of the current fiscal year as compared with $1.07 billion in the same period of the last fiscal year.
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Remittances sent by Pakistani workers living in the USA and the UK were $549 million and $781 million, respectively during the first two months of the current fiscal year.
The foreign inflows received by the country were $2.72 billion in the month of August 2022, which were $2.68 billion in the same month of the last year and $2.52 billion in the previous month (July 2022).
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Pakistan receives record monthly high $3 billion as remittances
KARACHI: Pakistan has received a monthly record workers’ remittance of $3.13 billion in the month of April 2022, the central bank said on Friday.
The State Bank of Pakistan (SBP) said the remittances grew by 12 per cent in April 2022 to $3.125 billion as compared with $2.79 billion received in April 2021. Meanwhile, the country received $2.81 billion in the month of March 2022.
READ MORE: SBP receives $2.2 bn as workers remittances in February
The inflow of remittances recorded 7.6 per cent growth to $26.08 billion during the first 10 months (July – April) 2021/2022 when compared with $24.23 billion in the corresponding months of the last fiscal year.
Pakistanis living in the USA have sent $2.556 billion during July – April 2021/2022, which is 20 per cent higher when compared with $1.4 billion in the same period of the last fiscal year.
READ MORE: Remittances increase to record $18 billion in 7 months
The SBP received an amount of $3.67 billion during the first ten months of the current fiscal year from Pakistani workers living in the UK as compared with $1.98 billion in the corresponding period of the last fiscal year, showing an increase of 9.9 per cent.
Pakistanis living in Saudi Arabia sent an amount of $6.41 billion during the period under review as compared with $5.32 billion in July – April 2020/2021, showing a growth of 1.6 per cent.
READ MORE: Pakistani overseas workers send $15.8 billion in 1HFY22
The inflows of remittances from the UAE, however, posted a decline of 3.6 per cent to $4.90 billion during the first 10 months of the current fiscal year as compared with $5.08 billion in the same period of the last fiscal year.
Pakistanis living in the EU countries have sent an amount of $2.80 billion during the first ten months of the current fiscal year as compared with $2.21 billion in the same period of the last fiscal year, showing a growth of 27.1 per cent.
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SBP receives $2.2 bn as workers remittances in February
KARACHI: The State Bank of Pakistan (SBP) has received $2.2 billion as workers remittances during February 2022, a statement said on Thursday.
With $2.2 billion of inflows during February 2022, workers’ remittances continued their strong performance and have remained above $2 billion since June 2020.
In terms of growth, during February 2022, remittances increased by 2 percent on m/m basis despite fewer working days compared to January and fell by 2.7 percent on y/y basis.
The overseas Pakistani workers have sent over $20 billion during first eight months (July – February) 2021/2022. The remittances have recorded a growth of 7.6 per cent during the period under review over the corresponding period of the last fiscal year.
Remittances inflows during February 2022 were mainly sourced from Saudi Arabia ($558 million), United Arab Emirates ($387 million), United Kingdom ($319 million) and United States of America ($210 million).
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Pakistani overseas workers send $15.8 billion in 1HFY22
KARACHI: Pakistani workers living abroad have sent $15.8 billion to their homeland during first half (July – December) of the fiscal year 2021/2022, State Bank of Pakistan (SBP) said on Friday.
The workers’ remittances grew by 11.26 per cent when compared with $14.2 billion in the same period of the last fiscal year.
READ MORE: Pakistan’s remittances fall by 6.6% in November 2021
The central bank said that with $2.5 billion of inflows during December 2021, workers’ remittances continued their strong impetus of remaining above $2 billion since June 2020.
In terms of growth, remittances increased by 2.5 per cent Month on Month and 3.4 per cent Year on Year in December 2021.
Remittance inflows during December 2021 were mainly sourced from Saudi Arabia ($626.6 million), United Arab Emirates ($453.2 million), United Kingdom ($340.8 million) and United States of America ($248.5 million).
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The central bank said that proactive policy measures by the government and SBP to incentivize the use of formal channels and altruistic transfers to Pakistan amid the pandemic have positively contributed towards the sustained inflows of remittances since last year.
The Jul-Nov FY22 data of Workers’ Remittances has been revised upward to reflect inflows into Roshan Digital Accounts (RDA) that are related to local consumption (like payment of utility bills, transfer to local PKR account, etc.).
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Since data on these conversions was not previously available by country, these were reported under ‘other private transfers’ in the balance of payments statistics. The December 2021 data is also compiled accordingly, and this treatment will be followed going forward.
READ MORE: PM Imran launches incentive program for remittances