Pakistan’s remittances increase by 3.1pc in August: SBP

KARACHI: Pakistan’s foreign worker remittances clocked in at $2.1 billion in August 2023, 3.1% higher on a month-on-month basis when compared to $2.03 billion in July, ARY News reported on Monday, quoting the State Bank of Pakistan (SBP).

On a yearly basis, the monthly inflow of Pakistan’s remittances registered a decline of 24% as it stood at $2.7 billion in the same month of the previous year, according to the data released by the central bank.

Workers’ remittances inflow of $4.1 billion has been recorded during July-August FY24, reflecting a decline of 22% YoY or $1.13 billion, as compared to $5.3 billion registered in 2MFY23.

During Aug 2023, workers’ remittances recorded an inflow of US$2.1 billion, witnessing an increase of 3.1 percent compared to the last month.
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— SBP (@StateBank_Pak) September 11, 2023

Overseas Pakistanis in Saudi Arabia remitted the largest amount in August 2023 as they sent $490.1 million during the month. The amount improved by 1% on a monthly basis, but was nearly 29% lower than the $692.6 million sent by expatriates in the same month of the previous year.

Inflows from the United Arab Emirates (UAE) reduced by 2% on a monthly basis, from $315.5 million in July to $308 million in August. However, a much more pronounced decline of 43% was witnessed on a yearly basis.

Remittances from the United Kingdom (UK) amounted to $331.3 million during the month, a decline of 10% compared to $369.7 million in August 2022.

However, remittances from the European Union improved 4% year-on-year as they amounted to $290.4 million in August 2023.