Remittances Recede by 3.2% in First Two Months of Current Fiscal

Overseas Pakistanis sent remittances of $2.7 billion in August 2022, which is 7.9 percent higher compared to the previous month and 1.5 percent more compared to August 2021, according to data released by the State Bank of Pakistan (SBP).

However, in first two months the total remittances fell by 3.2% to $ 5.24 billion.

The remittances inflows witnessed a seasonal dip post-Eid ul Azha, with inflows of $2.5 billion recorded in July 2022, however, the inflows improved in August with consistent support from Roshan Digital Account, which also surged to $4.9 billion with the number of accounts standing at 456,732 by the end of August 2022.

The growth in inflows also indicated that the contribution from overseas Pakistanis is increasing mainly due to the gradual increase in migrant workers in different countries, mainly in the Middle East.

Remittance inflows during August were mainly sourced from Saudi Arabia ($691.8 million), United Arab Emirates ($531.4 million), the United Kingdom ($369.7 million), and the United States ($294.4 million).

During the two months of the financial year 2022-23, remittance inflows stood at $5.24 billion, which is slightly lower than the remittances received in the same period of the last financial year. Last year in these two months remittances were $ 5.41 billion which saw a 3.2% fall.

The inflows of remittances maintain their consistent contribution to the economy, mainly the stability of the current account of the country.

It is expected that inflows will increase in September 2022 as overseas Pakistanis are generously donating to flood victims through various welfare organizations.

Roshan Digital Account simplifies the process of sending donations to charitable and welfare organizations for overseas Pakistanis through the feature of Roshan Samaji Khidmat.