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Workers' remittances down 10.8pc in Jul-Feb FY23

Workers' remittances down 10.8pc in Jul-Feb FY23

Business

Workers’ remittances down 10.8pc in Jul-Feb FY23

ISLAMABAD (Dunya News) – The overseas workers’ remittances posted a decline of 10.8 percent during first eight months (Jul-Feb) of fiscal year 2022-23 as the remittances fell from $20.18 billion in Jul-Feb of FY22 to $18.00 billion in the period under review.

On year-on-year basis, the overseas workers’ remittances recorded an inflow of US$2.0 billion in February 2023, posting a decrease of 9.5 percent as compared with the same month of previous year’s inflow of $2.2 billion.

On month-on-month basis, the remittances in February 2023 witnessed an increase of 4.9 percent when compared with the inflow of $1.9 billion recorded in January 2023.

According to a recent data released by State Bank of Pakistan (SBP) on Friday, remittances’ inflows during February, 2023 were mainly sourced from Saudi Arabia ($454.6 million), United Arab Emirates ($269.2 million), United Kingdom ($324.0 million) and United States of America ($219.4 million).

During the corresponding month, the overseas Pakistanis living in Bahrain sent $35.6 million, from Kuwait $63.1 million, from Qatar $67.8 million whereas $75.0 million were dispatched from Oman.

Similarly the inflows from Germany, France, The Netherlands, Spain, Italy, Greece, Sweden, Denmark, Ireland, and Belgium were recorded at $47.1 million, $33.9 million, $5.2 million, $37.4 million, $66.5 million, $25.3 million, $5.3 million, $6.9 million, $9.7 million and $8.1 million respectively.

Likewise, from Malaysia, Norway, Switzerland, Australia, Canada, and Japan, the workers dispatched $6.5 million, $8.7 million, $3.4 million, $46.8 million, $40.4 million, and $5.9 million respectively.

Remittances from South Africa during the month under review stood at $11.8 million while that from South Korea stood at $8.6 million. Similarly $53.9 million were received from other countries.