ISLAMABAD, Pakistan: The remittances sent by the Overseas Workers in July 2023 stood at US$ 2,026.8 million, registering a decrease by 7 percent on a Month-on-Month basis.
— SBP (@StateBank_Pak) August 10, 2023
The statistics released by the State Bank of Pakistan on Thursday showed that the Overseas Worker’s remittances recorded an inflow of US$ 2,026.8 million in the July against US$ 2,187.1 million of previous month.
Whereas on a Year-on-Year basis, the remittances also decreased by 19 percent as in July 2022 they were recorded as US$ 2,510.9 million.
Remittances by overseas Pakistanis decreased by 7% MoM to USD 2.0bn during Jul’23 compared to USD 2.2bn during Jun’23. On a YoY basis, remittances also decreased by 19% (Jul’22: USD 2.5bn).@StateBank_Pak #Remittances #SBP #Pakistan #Economy #AHL pic.twitter.com/09QapSob3R
— Arif Habib Limited (@ArifHabibLtd) August 10, 2023
Share of remittances in July 2023 from the United States remained US$ 238.1 million, United Kingdom US$ 305.7 million, Saudi Arabia US$ 486.7 million, the United Arab Emirates (UAE) US$ 315.1 million, other GCC Countries US$ 228.3 million, and EU Countries US$ 283.6 million.
During the period, US$ 7.2 million were received in remittances from Malaysia, US$ 10.5 million from Norway, US$ 3.5 million from Switzerland, US$ 43.7 million from Australia, US$ 36.9 million from Canada, US$ 3.8 million from Japan, US$ 13.5 million from South Africa, US$ 9.2 million from South Korea, US$ 41.0 million from other Countries.