Remittances sent by overseas Pakistanis declined by 24 percent (or $651 million) to $2.09 billion in August 2023 compared to inflows of $2.74 billion registered in the same month last year.
However, on a month-on-month basis, the inflows in August 2023 stood 3 percent higher than the previous month, according to the data on remittances released by the State Bank of Pakistan (SBP).
During Aug 2023, workers’ remittances recorded an inflow of US$2.1 billion, witnessing an increase of 3.1 percent compared to the last month.
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#SBPRemittances pic.twitter.com/qlnFvG2rgz— SBP (@StateBank_Pak) September 11, 2023
A breakdown of the numbers shows that the highest inflows were registered from Saudi Arabia, standing at $490 million, followed by the United Kingdom (UK) at $331 million, United Arab Emirates (UAE) at $308 million, European Union (EU) countries at $290 million, and the United States (US) at $262 million.
The inflows from Saudi Arabia were down by 29 percent on a year-on-year (YoY) basis, while the inflows from UAE, UK, and US were down by 43 percent, 10 percent, and 12 percent respectively. However, inflows from European Union (EU) countries registered an increase of 4 percent.
During the first two months of the fiscal year 2023-24 (2MFY24), remittances stood at $4.122 billion, down 22 percent compared to remittances of $5.255 billion registered in the same period of the previous fiscal year.
The country registered its highest every remittance inflows in April last year, coming in at $3.1 billion. In the last five months, remittances have dropped significantly and haven’t crossed the $2.5 billion barrier even once.
