Pakistani workers remit $16 billion in seven months of FY23

KARACHI: The expatriates have remitted around $16 billion to their homeland during the first seven months (July-January) of the fiscal year 2022/23, the State Bank of Pakistan (SBP) said on Monday.

The inflows of remittances recorded an 11 per cent decline during the period under review, compared with $18 billion received in the corresponding period of the last fiscal year.

The inflows of remittances from Saudi Arabia and the United Arab Emirates (UAE) recorded a significant decline during the first seven months of the current fiscal year.

Pakistani workers living in Saudi Arabia sent $2.87 billion during the period under review, compared with $3.39 billion in the corresponding period of the last fiscal year, showing a decline of 15.2 per cent.

Similarly, the inflows from the UAE witnessed a decline of 15.1 per cent to $3.89 billion during July-January 2022/23, 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, the inflows from the US recorded an increase of 2.8 per cent to $1.75 billion during the first seven months of the current fiscal year, compared with $1.70 billion in the corresponding period of the last fiscal year.

The remittances during January 2023 have been recorded at $1.89 billion, compared with $2.18 billion in the same period of the last fiscal year, showing a decline of 13 per cent.

The remittances during January 2023 were mainly sourced from Saudi Arabia ($407.6 million), the UAE ($269.2 million), the UK ($330.4 million) and the US ($213.9 million), the SBP said.

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