Remittance inflow increases by 8%, SBP reports

By Salman Siddiqui
Published in The Express Tribune on September 13, 2022

KARACHI: In line with expectations, the flow of workers’ remittances sent by overseas Pakistani increased by 8%, to $2.72 billion in August, the State Bank of Pakistan reported on Tuesday.

Remittance inflows during August were mainly sourced from Saudi Arabia ($691.8 million), United Arab Emirates ($531.4 million), United Kingdom ($369.7 million) and the United States ($294.4 million), the SBP said.

The end of the holiday season helped increase the inflows in August.

Remittances had dropped by 9%, to $2.52 billion, on a month-on-month basis in July due to a lower number of working days in the month.

The financial markets in Pakistan and in the Gulf countries had remained closed for approximately half of the month because of Eidul Azha holidays, Hajj holidays in Saudi Arabia, and the closure of businesses due to heavy monsoon rainfall in Pakistan.

Inflows are also up by 1.5% in August, compared to $2.68 billion in the same month of the previous year, the central bank said.

Cumulatively, in the first two months (July and August) of the current fiscal year, the remittances were recorded at $5.24 billion. They are 3% lower compared to the $5.42 billion during the same period last year.

A large number of remittances come from the Gulf countries where majority of Pakistani expatriates work, including Saudi Arabia and the UAE.

Going forward, the inflows should remain steady at around $2.70 billion as Gulf economies remain healthy. Higher prices of oil prices kept the Arab economies robust, as most of them produce and export oil.

However, the recession in Europe may impact the remittance inflow to Pakistan.

Your Comment:

Related Posts

12

Feb
Print Media

IMF chief meets PM Shehbaz, pledges support for govt’s actions

Published in Dawn on February 12, 2025 The International Monetary Fund (IMF) Managing Director Kristalina Georgieva has met Prime Minister Shehbaz Sharif during his visit to the United Arab Emirates and assured him of the lender’s support for the government’s decisive actions regarding the programme, according to a statement released on Wednesday. In a post on X, […]

CIMRAD, Print Media

16 Pakistanis confirmed dead in Libya boat tragedy: FO

Published in Dawn on February 11, 2025 The bodies of 16 Pakistanis have been recovered with as many as 63 Pakistanis suspected on board a vessel that capsized off the coast of Libya, the Foreign Office (FO) said on Tuesday. The incident comes on the heels of a similar tragedy last month in which a boat carrying[…]