Workers’ remittances down 10.8pc in Jul-Feb FY23



The overseas workers’ remittances posted a decline of 10.8 percent during first eight months (Jul-Feb) of fiscal year 2022-23 as the remittances fell from $20.18 billion in Jul-Feb of FY22 to $18.00 billion in the period under review.

On year-on-year basis, the overseas workers’ remittances recorded an inflow of US$2.0 billion in February 2023, posting a decrease of 9.5 percent as compared with the same month of previous year’s inflow of $2.2 billion.

On month-on-month basis, the remittances in February 2023 witnessed an increase of 4.9 percent when compared with the inflow of $1.9 billion recorded in January 2023.

According to a recent data released by State Bank of Pakistan (SBP) on Friday, remittances’ inflows during February, 2023 were mainly sourced from Saudi Arabia ($454.6 million), United Arab Emirates ($269.2 million), United Kingdom ($324.0 million) and United States of America ($219.4 million).

During the corresponding month, the overseas Pakistanis living in Bahrain sent $35.6 million, from Kuwait $63.1 million, from Qatar $67.8 million whereas $75.0 million were dispatched from Oman.—APP