Workers’ remittances up by 7.9% to $2.7 bn in August
ISLAMABAD : The overseas workers’ remittances recorded an inflow of US$2.7 billion during August 2022, posting an increase of 7.9% when compared to the previous month’s inflow of $2.53 billion.
On year-on-year basis, the remittances also witnessed an increase of 1.5% when compared to the inflow of $2.68 billion recorded in August 2021.
On average, the remittances posted 3.2% decline during first two months of current fiscal year as the remittances fell from $5.42 billion in July-August (2021-22) to $5.25 billion in same period of the current fiscal year.
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According to data released by State Bank of Pakistan (SBP) on Tuesday, remittances’ inflows during August 2022 were mainly sourced from Saudi Arabia ($691.8 million), United Arab Emirates ($531.4 million), United Kingdom ($369.7 million) and the United States of America ($294.4 million).
During the corresponding month, the overseas Pakistanis living in Bahrain sent $42.8 million, from Kuwait $77.3 million, from Qatar $88.6 million whereas $92.1 million were dispatched from Oman.
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Similarly the inflows from Germany, France, The Netherlands, Spain, Italy, Greece, Sweden, Denmark, Belgium, and Ireland were recorded at $40.1 million, $37.1 million, $4.6 million, $45.4 million, $76 million, $30.5 million, $5.9 million, $5.2 million, 19.1 million and $10.9 million respectively.
Likewise, from Malaysia, Norway, Switzerland, Australia, Canada, and Japan, the workers dispatched $14.5 million, $10.6 million, $3.7 million, $60.9 million, $56.3 million, $56.3 million, and $7.1 million respectively.
Remittances from South Africa during the month under review stood at $26.9 million while that from South Korea stood at $8.3 million. Similarly $72 million were received from other countries.
