Pakistan workers' remittances fall by 15.9pc in 2022-23 on YoY basis

KARACHI: Pakistan workers’ remittances fell by 15.9 per cent on a year-on-year basis to $27 billion in FY2022-23 as compared to 2021-22.

According to the data released by the State Bank of Pakistan (SBP), Pakistan workers’ remittances stood at $27 billion in 2022-23 as compared to $31.30 billion in FY 2021-22.

The report further said the remittances remained $2.2 billion during the month of June from $2.8 billion a year earlier, the central bank said on Monday.

Workers’ remittances recorded an inflow of US$2.2 billion during June 2023. For detail see https://t.co/rPOvn9Dr8N https://t.co/7XBd4uOcHC#SBPRemittances pic.twitter.com/jf7GNk5l6s

— SBP (@StateBank_Pak) July 10, 2023

According to the remittances’ inflows during June 2023 were mainly sourced from Saudi Arabia ($515 million),  the United Kingdom ($342.9 million), the United Arab Emirates ($324.7 million), and the United States of America ($272.2 million).

During the corresponding month, the overseas Pakistanis living in Bahrain sent $37.4 million, from Kuwait $70.5 million, from Qatar $76.8 million whereas $87.1 million were dispatched from Oman.

Read More: Workers’ remittances decline 29pc YoY to $2.2bn in April

Similarly, the inflows from Germany, France, Netherlands, Spain, Italy, Greece, Sweden, Denmark, Ireland, and Belgium were recorded at $17.8 million, $15.4 million, $26.4 million, $27.5 million, $41.1 million, $33.2 million, $25.6 million, $1.7 million, $2.8 million and $3.2 million respectively.

Likewise, from Malaysia, Norway, Switzerland, Australia, Canada, and Japan, the workers dispatched $29.4 million, $30.3million, $3.1 million, $26 million, $19.0 million, and $7.5 million respectively.