Remittances fall by 1.2% in July-February

BusinessRemittances fall by 1.2% in July-February

ISLAMABAD, Pakistan: The Overseas Pakistanis sent remittances worth US$ 18.1 billion in first eight months of the Fiscal Year 2023-24, recording a 1.2 percent decrease as compared to the figures of last FY.

The latest statistics released by the State Bank of Pakistan on Friday showed that Overseas Workers sent remittances amounting to US$ 18,082.8 million from July to February 2023-24 against US$ 18,308.1 million received during the same period in the last FY 2022-23.


Whereas on a month-on-month basis, workers sent remittances worth US$ 2.2 billion in February 2024 with a 13 percent increase as compared to US$ 2 billion received in February 2023.

However, remittances recorded in February 2024 remained 6 percent less than of January 2024’s US$ 2.4 billion.

The statistics showed that the Overseas Workers sent US$ 2,249.8 million in remittances in February 2024 against US$ 2,397.9 million of the previous month (January 2024).

Share of remittances in February 2024 from the United States remained US$ 287.4 million, United Kingdom US$ 346.0 million, Saudi Arabia US$ 539.8 million, the United Arab Emirates (UAE) US$ 384.7 million, other GCC Countries US$ 232.2 million, and EU Countries US$ 263.4 million.

During the period, US$ 9.2 million were received in remittances from Malaysia, US$ 8.4 million from Norway, US$ 3.7 million from Switzerland, US$ 50.0 million from Australia, US$ 40.0 million from Canada, US$ 3.9 million from Japan, US$ 12.0 million from South Africa, US$ 7.9 million from South Korea, US$ 61.0 million from other Countries.

Mati-Ullah is the Online Editor For DND. He is the real man to handle the team around the Country and get news from them and provide to you instantly.

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