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.
During Aug 22, workers’ remittances rose to US$2.7 billion, up 7.9% compared to the previous month and 1.5% compared to Aug 21.https://t.co/rPOvn9CTjfhttps://t.co/7XBd4uNES4 pic.twitter.com/lpQRkIIbbB
— SBP (@StateBank_Pak) September 13, 2022
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.
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.