Workers’ remittances record $2.5b inflow in July

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Workers’ remittances recorded an inflow of US$2.5 billion during July 2022, continuing their record streak of above $2b for the 26 consecutive months, according to a data released by State Bank of Pakistan on Tuesday.

In terms of growth, during July 2022, remittances decreased by 8.6 percent on a month-on-month basis and of7.8 percent on year-on-year basis.

This decrease largely reflected the lower number of working days in July as a result of Eid, at 17 working days compared to 22 last month and 18 in July 2021. Remittances inflows during July 2022 were mainly sourced from Saudi Arabia ($580.6 million), United Arab Emirates ($456.2m), UK ($411.7m) and USA ($254.3 million).—APP

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