Workers' remittances down 11pc in Jul-Jan FY23
Business
Workers' remittances down 11pc in Jul-Jan FY23
ISLAMABAD (Dunya News) – The overseas workers' remittances posted a decline of 11 percent during first seven months (Jul-Jan) of fiscal year 2022-23 as the remittances fell from $17.98 billion in Jul-Jan of FY22 to $16.01 billion in the period under review.
On year-on-year basis, the overseas workers' remittances recorded an inflow of US$1.9 billion in January 2023, posting a decrease of 13 percent as compared with the same month of previous year's inflow of $2.18 billion.
On month-on-month basis, the remittances in January 2023 also witnessed a decline of 9.9 percent when compared with the inflow of $2.1 billion recorded in December 2022.
According to a recent data released by State Bank of Pakistan (SBP) on Monday, remittances' inflows during January, 2023 were mainly sourced from Saudi Arabia ($407.6 million), United Arab Emirates ($269.2 million), United Kingdom ($330.4 million) and United States of America ($213.9 million).
During the corresponding month, the overseas Pakistanis living in Bahrain sent $35.7 million, from Kuwait $59.0 million, from Qatar $72.7 million whereas $76.1 million were dispatched from Oman.
Similarly the inflows from Germany, France, The Netherlands, Spain, Italy, Greece, Sweden, Denmark, Belgium, and Ireland were recorded at $47.6 million, $35.3 million, $4.3 million, $34.3 million, $65.6 million, $21.9 million, $6.3 million, $6.5 million, $7.7 million and $10.0 million respectively.
Likewise, from Malaysia, Norway, Switzerland, Australia, Canada, and Japan, the workers dispatched $6.0 million, $9.7 million, $3.3 million, $47.1 million, $37.6 million, and $5.5 million respectively.
Remittances from South Africa during the month under review stood at $13.8 million while that from South Korea stood at $8.5 million. Similarly $58.1 million were received from other countries.
