Workers’ remittances decline by 7.3pc in July: SBP

KARACHI: Remittances sent home by overseas Pakistani workers declined by 7.3 percent and reached $2.0268 billion in July, a drop of 19.7 percent on a year-on-year basis, ARY News reported quoting State Bank of Pakistan (SBP).

According to the data provided by State Bank of Pakistan (SBP), the inflow of overseas Pakistani workers’ remittances clocked at $$2.0268 billion in July 2023 against $2.51 billion in the same month last year.

The SBP data shows, overseas Pakistanis workers in Saudi Arabia remitted $486 million, United Arab Emirates (UAE) sent $315 million, $305.7 million from United Kingdom (UK) and $238.1 million from United States (US).

Read more: Pakistan workers’ remittances fall by 15.9pc in 2022-23 on YoY basis

Earlier, Pakistan workers’ remittances fell by 15.9 percent 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.

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.

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.