KARACHI: The overseas workers’ remittances recorded an inflow of US$2.2 billion during September 2023, according to State Bank of Pakistan.
In terms of growth, during the month under review, remittances increased by 5.3 per cent on month on month basis.
Workers’ remittances inflow of US$ 6.3 billion has been recorded during the first three months of the fiscal year 2023-24.
Remittances inflows during September 2023 were mainly sourced from Saudi Arabia ($538.2 million), the United Kingdom ($311.1 million), the United Arab Emirates ($400 million) and the United States of America ($263.4 million).
In August 2023, Pakistan’s foreign worker remittances clocked in at $2.1 billion, 3.1% higher on a month-on-month basis when compared to $2.03 billion in July, ARY News reported on Monday, quoting the State Bank of Pakistan (SBP).
On a yearly basis, the monthly inflow of Pakistan’s remittances registered a decline of 24% as it stood at $2.7 billion in the same month of the previous year, according to the data released by the central bank.
Workers’ remittances inflow of $4.1 billion has been recorded during July-August FY24, reflecting a decline of 22% YoY or $1.13 billion, as compared to $5.3 billion registered in 2MFY23.
Overseas Pakistanis in Saudi Arabia remitted the largest amount in August 2023 as they sent $490.1 million during the month. The amount improved by 1% on a monthly basis, but was nearly 29% lower than the $692.6 million sent by expatriates in the same month of the previous year.
