AGL71.25▲ 4.14 (0.06%)AIRLINK176.95▲ 3.27 (0.02%)BOP10.9▲ 0.08 (0.01%)CNERGY8.25▼ -0.01 (0.00%)DCL9.06▲ 0 (0.00%)DFML45.4▲ 0.8 (0.02%)DGKC132.4▼ -2.93 (-0.02%)FCCL46.73▲ 0.32 (0.01%)FFL16.13▼ -0.01 (0.00%)HUBC145.69▼ -0.63 (0.00%)HUMNL13.5▲ 0.1 (0.01%)KEL4.38▼ -0.01 (0.00%)KOSM5.94▲ 0.01 (0.00%)MLCF59.4▼ -0.26 (0.00%)NBP75.95▼ -0.34 (0.00%)OGDC233.11▲ 0.38 (0.00%)PAEL46.34▼ -1.64 (-0.03%)PIBTL10.25▼ -0.15 (-0.01%)PPL191▼ -0.48 (0.00%)PRL37▲ 0.17 (0.00%)PTC23.59▲ 0.39 (0.02%)SEARL101.01▲ 2.25 (0.02%)TELE7.75▲ 0.02 (0.00%)TOMCL34.15▲ 0.16 (0.00%)TPLP11.23▲ 0.48 (0.04%)TREET22.08▼ -0.21 (-0.01%)TRG67.02▲ 1.01 (0.02%)UNITY28.4▲ 0.04 (0.00%)WTL1.34▲ 0.02 (0.02%)

Remittance inflow rises 7.9% month-on-month in August FY23

August remittance
Share
Tweet
WhatsApp
Share on Linkedin
[tta_listen_btn]

Islamabad: Remittance inflow from overseas Pakistanis raised 7.9% on a month-on-month basis in August of the fiscal year 2023, the State Bank said in a report on Tuesday.

According to SBP’s monthly report on the status of workers’ remittances, inflows amounting to $2.724 billion were received in August of FY23, compared to $2.5 billion received in July. On an MoM basis, that is a 7.9% increase.

Meanwhile, on a year-on-year basis, the total remittance inflows increased by 1.5%, compared to $2.682 billion received in August of FY22.

Cumulatively, however, the first two months (July and August) of the ongoing fiscal year witnessed a drop of 3.15% in remittance inflow compared to the same period last year. Inflows, which currently stand at $5.247 billion, were $5.418 billion during the same period last year.

Remittance inflow drops 8.6% in July of FY23

Countrywise, Saudi Arabia topped the list of the biggest contributor via workers’ remittances with $691 million during August FY23, up from $580 million recorded a month earlier in July.

Similarly, inflows amounted to $531 million from the United Arab Emirates, up from $456 million in July.

From the United Kingdom, remittance inflows amounted to $369 million – a nearly $43 million decline from July’s $411 million.

Pakistan heavily depends on the influx of remittances to meet its foreign exchange needs because exports hardly cover the high level of imports.

August trade deficit swells to $3.5 billion MoM

Related Posts

Get Alerts