Remittance income plunge 12pc in first ten months of current fiscal year
Business
The expatriates sent $2.666bn remittance during Jul-Apr23, compared to $3.029bn in subsequent tenure
ISLAMABAD (Dunya News) -The remittances from Pakistan’s expatriates working in the Gulf Cooperation Council (GCC) member countries have decreased by 12 percent on year-to- basis in the first 10 months of the current fiscal year, based on the figures released by the State Bank.
According to the statistics released by the State Bank, Pakistan’s nationality holder workers in Bahrain, Kuwait, Qatar, and Oman sent a remittance of $2.666 billion during July to April 2023, which is 12 percent less compared to the corresponding period of the previous fiscal year.
Reportedly, during the same period of the previous fiscal year, Pakistani workers in GCC member countries sent a remittance of $3.029 billion.
In April, the volume of remittance made by expatriates residing in GCC countries was recorded at $358.9 million, as compared to $298 million in March. Moreover, $294.4 million were received in April previous year.
The volume of remittances by Pakistanis settled overseas stood at the level of $22.74 billion in the first 9 months of the current fiscal year, as compared to $26.14 billion during the same period of the previous fiscal year.
