ISLAMABAD, Pakistan: The remittances sent by the Overseas Workers in the first 11 months of Fiscal Year 2022-23 (July-May) have decreased by 13 percent on a Year-on-Year basis as compared to the same period last year.
The statistics released by the State Bank of Pakistan on Tuesday showed that the Overseas Worker’s remittances recorded an inflow of US$ 24.8 billion in the July-May 2022-23 against US$ 28.5 billion of last year.
In May 2023, remittances recorded US$ 2.1 billion inflows whereas in the previous month, they stood at US$ 2.2 billion.
Monthly remittances during May’23 clocked in at $ 2.1bn down by 4% MoM and 10% YoY.
May’23: $ 2.1bn, -10% YoY | -4% MoM
11MFY23: $ 24.8bn, -13.0% YoY@StateBank_Pak #Remittances #SBP #Pakistan #Economy #AHL pic.twitter.com/9mTAiucxN1— Arif Habib Limited (@ArifHabibLtd) June 13, 2023
Share of remittances in July-May 2022-23 from the United States remained US$ 2,824.7 million, United Kingdom US$ 3,711.2 million, the United Arab Emirates (UAE) US$ 5,924.8 million, US$ 4,321.3 million, Other GCC Countries US$ 2,918.2 million, and EU Countries US$ 2,839.5 million.
During the period, US$ 97.8 million were received in remittances from Malaysia, US$ 100.1 million from Norway, US$ 38.9 million from Switzerland, US$ 546.3 million from Australia, US$ 507.3 million from Canada, US$ 68.4 million from Japan, US$ 199.1 million from South Africa, US$ 87.9 million from South Korea, US$ 646.2 million from other Countries.
