Remittances sent by overseas Pakistanis declined by 19 percent to just $2 billion in July 2023 compared to inflows of $2.5 billion registered in the same month last year.
According to the data on remittances released by the State Bank of Pakistan (SBP), the inflows in July 2023 were also down by around 9 percent on a month-on-month (MoM) basis.
Workers’ remittances recorded an inflow of US$2 billion during July 23.
For detail see https://t.co/rPOvn9Dr8Nhttps://t.co/7XBd4uOcHC#SBPRemittances pic.twitter.com/vGbp13dOML
— SBP (@StateBank_Pak) August 10, 2023
The inflows of $2.026 billion in July are the lowest since inflows of $1.990 billion registered in February 2023.
A breakdown of the numbers shows that the highest inflows were registered from Saudi Arabia, standing at $487 million, followed by United Arab Emirates (UAE) at $315 million, the United Kingdom (UK) at $306 million, European Union (EU) countries at $284 million, and the United States (US) at $238 million.
The inflows from Saudi Arabia were down by 16 percent on a year-on-year (YoY) basis, while the inflows from UAE, UK, EU countries, and US were down by 31 percent, 25 percent, 4 percent, and 4 percent respectively.
It is pertinent to mention here that remittances sent by overseas Pakistanis in the previous fiscal year i.e. FY23 dropped to $27 billion, down by 14 percent compared to the all-time high inflows of $31 billion reported in FY22.
Source: Pro Pakistani