Workers’ remittances down 11% in H1 FY23

F.P. Report

ISLAMABAD: The overseas workers’ remittances posted a decline of 11.1 percent during first half (Jul-Dec) of fiscal year 2022-23 as the remittances fell from $15.8 billion in first half of FY22 to $14.02 billion in the period under review.

On year-on-year basis, the overseas workers’ remittances recorded an inflow of US$2.04 billion in December 2022, posting a decrease of 19 percent as compared with the previous month’s inflow of $2.5 billion.

On month-on-month basis, the remittances in December 2022 also witnessed a decline of 3.2 percent when compared with the inflow of $2.1 billion recorded in November 2022. According to a recent data released by State Bank of Pakistan (SBP) on Friday, remittances’ inflows during December, 2022 were mainly sourced from Saudi Arabia ($516.3 million), United Arab Emirates ($328.7 million), United Kingdom ($314.2 million) and United States of America ($230.5 million).

During the corresponding month, the overseas Pakistanis living in Bahrain sent $32.6 million, from Kuwait $60.4 million, from Qatar $72.2 million whereas $73.2 million were dispatched from Oman.

Similarly the inflows from Germany, France, The Netherlands, Spain, Italy, Greece, Sweden, Denmark, Belgium, and Ireland were recorded at $37.6 million, $33.9 million, $3.9 million, $36.7 million, $64.8 million, $28.3 million, $5.9 million, $6.1 million, $7.2 million and $8.9 million respectively.

Likewise, from Malaysia, Norway, Switzerland, Australia, Canada, and Japan, the workers dispatched $7.3 million, $7.9 million, $3.6 million, $46.6 million, $35.7 million, and $21.1 million respectively. Remittances from South Africa during the month under review stood at $17 million while that from South Korea stood at $7.9 million. Similarly $47.7 million were received from other countries. (APP)