Workers’ remittances up 6.3% to $28.4 bn in 11 months

ISLAMABAD, Jun 10 (APP): The overseas Pakistani workers’ remittances grew by 6.3 percent in 11 months (Jul-May) of current fiscal year to US$28.4 billion against the inflows of $26.7 billion in same period of the previous year.

On year-on-year basis, the remittances decreased from $2.5 billion in May 2021 to $2.3 billion in same period of current fiscal year. On month-on-month basis, the inflows of remittances also declined from $3.1 billion in April 2022 to $2.3 billion in April 2022.

According to data released by State Bank of Pakistan (SBP) on Friday, remittances’ inflows during May 2022 were mainly sourced from Saudi Arabia ($541.9 million), United Arab Emirates ($435 million), United Kingdom ($354 million) and the United States of America ($232.9 million).

During the corresponding month, the overseas Pakistanis living in Bahrain sent $39.1 million, from Kuwait $67 million, from Qatar $76 million whereas $114.6 million were dispatched from Oman.

Similarly the inflows from Germany, France, The Netherlands, Spain, Italy, Greece, Sweden, Denmark, and Ireland were recorded at $41.5 million, $38.0 million, $5.0, $43.3 million, $68.8 million, $30.2 million, $6.0 million, $5.2 million and $12.8 million respectively.

Likewise, from Malaysia, Belgium, Norway, Switzerland, Australia, Canada, and Japan, the workers dispatched $10.9 million, $19.2 million, $11.0 million, $3.1 million, $52.7 million, and 5.7 million respectively.

APP Services