Workers' remittance surges by 7.9pc in August

KARACHI: The inflow of workers’ remittances into Pakistan increased by 7.9 percent to $2.7 billion in August compared to $2.5 billion in July 2022, ARY News reported on Tuesday, quoting State Bank of Pakistan (SBP).

According to the data released by the State Bank of Pakistan (SBP), remittances sent home by overseas Pakistani workers grew 7.9pc to $2.7 billion on a month-on-month basis.

During Aug 22, workers’ remittances rose to US$2.7 billion, up 7.9% compared to the previous month and 1.5% compared to Aug 21.https://t.co/rPOvn9CTjfhttps://t.co/7XBd4uNES4 pic.twitter.com/lpQRkIIbbB

— SBP (@StateBank_Pak) September 13, 2022

This was the 27th successive month in which receipts remained above the $2 billion threshold, SBP reported. On a year-on-year basis, the inflows increased by 1.5pc as compared to August 2021.

The report further stated that the remittances during August 2022 were mainly sourced from Saudi Arabia ($691.8 million), the United Arab Emirates ($531.4 million), the United Kingdom ($396.7 million) and the United States ($294.4 million).

Earlier in June, Pakistan received all-time high remittances from overseas Pakistanis residing in European countries in the first 10 months of the fiscal year 2021-22.

Overseas Pakistanis residing in the EU countries sent over $2.8 billion in remittances in the first 10 months (July-April) of the fiscal year 2021-22.

The amount received in these 10 months was 27.1% higher than the amount received at the same time last year. the remittances received by Paksitan at the same time last year were $2.20 billion.