Overseas Pakistanis' remittances fall in January

KARACHI: Remittances sent home by Overseas Pakistanis in January 2022 declined by 5 per cent compared to Jan 2021, the data shared by the State Bank of Pakistan (SBP) showed on Saturday.

Workers’ remittances clocked in at $2.14 billion in Jan 2022, above the $2 billion mark for a 20th consecutive month.

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During the first seven months (July-Jan) of the current fiscal year, remittances rose to record $18 billion, 9.1 per cent higher than the same period last year.

The SBP said remittances declined by 5pc compared to Jan 2021, “partly reflecting an easing of travel restrictions”. Compared to the previous month, remittances fell by 14.9pc due to “seasonality”, it added.

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The data showed the inflows from Saudi Arabia clocked in at $540 million, the United Arab Emirates (UAE) $374 million, the United Kingdom (UK) $320 million and the United States (US) $208 million.