Workers’ remittances down 13pc in July-April FY23


The overseas workers’ remittances posted a decline of 13 percent during first ten months of fiscal year 2022-23 as the remittances fell from $26.143 billion in July-April of FY22 to $22.741 billion in the period under review.

On a year-on-year basis, the overseas workers’ remittances recorded an inflow of US$2.210 billion in April 2023, posting a decrease of 29.25 percent as compared with the same month of the previous year’s inflow of $3.124 billion, according to the latest data released by State Bank of Pakistan (SBP) on Wednesday.

On a month-on-month basis, the overseas workers’ remittances also decreased by 12.85 percent from $2.536 billion in March 2023 to $2.210.6 billion in April 2023.

According to the remittances’ inflows during April 2023 were mainly sourced from Saudi Arabia ($489.3 million), the United Arab Emirates ($382.1 million), the United Kingdom ($360.7 million) and the United States of America ($275.8 million).

During the corresponding month, the overseas Pakistanis living in Bahrain sent $34.3 million, from Kuwait $62.2 million, from Qatar $67.1 million whereas $85.8 million were dispatched from Oman.

Similarly, the inflows from Germany, France, Netherlands, Spain, Italy, Greece, Sweden, Denmark, Ireland, and Belgium were recorded at $44.5 million, $38.4 million, $4.8 million, $41.2 million, $69.2 million, $29.5 million, $5.9 million, $6.4 million, $9.1 million and $8.3 million respectively.

Likewise, from Malaysia, Norway, Switzerland, Australia, Canada, and Japan, the workers dispatched $8.6 million, $8.1 million, $4.1 million, $44.5 million, $48.2 million, and $5.1 million respectively.

Remittances from South Africa during the month under review stood at $14.85 million while that from South Korea stood at $7.5 million. Similarly, $55.2 million were received from other countries.—APP