ISLAMABAD, Pakistan: The remittances sent by the Overseas Workers in August 2023 stood at US$2.1 billion, witnessing an increase of 3.1 percent compared to the last month.
During Aug 2023, workers’ remittances recorded an inflow of US$2.1 billion, witnessing an increase of 3.1 percent compared to the last month.
For details see https://t.co/rPOvn9Dr8N
— SBP (@StateBank_Pak) September 11, 2023
The statistics released by the State Bank of Pakistan on Monday showed that the Overseas Worker’s remittances recorded an inflow of US$ 2,092.9 million in August 2023 against US$ 2,029.0 million of previous month (July 2023).
Whereas on a Year-on-Year basis, the remittances decreased by 24 percent as in August 2022 they were recorded as US$ 2,744.3 million.
Remittances increased by 3% MoM to $ 2.1bn during Aug’23.
Remittances by overseas Pakistanis increased by 3% MoM to USD 2.1bn during Aug’23 compared to USD 2.0bn during Jul’23. On YoY basis, remittances decreased by 24% (Aug’22: USD 2.7bn).
During 2MFY24, remittances went down… pic.twitter.com/Op5cDG37E8
— Arif Habib Limited (@ArifHabibLtd) September 11, 2023
Share of remittances in August 2023 from the United States remained US$ 262.4 million, United Kingdom US$ 331.3 million, Saudi Arabia US$ 490.1 million, the United Arab Emirates (UAE) US$ 308.0 million, other GCC Countries US$ 228.3 million, and EU Countries US$ 244.4 million.
During the period, US$ 6.2 million were received in remittances from Malaysia, US$ 8.0 million from Norway, US$ 3.5 million from Switzerland, US$ 45.1 million from Australia, US$ 34.8 million from Canada, US$ 3.8 million from Japan, US$ 11.7 million from South Africa, US$ 7.8 million from South Korea, US$ 45.3 million from other Countries.