Remittances increased 2pc at $2.2bn in February FY22

According to data shared by State Bank of Pakistan (SBP) remittances from Overseas Pakistanis stood at $2.2 billion in February 2022, this figure is 2 per cent higher compared to January 2022.

The data shows that despite fewer working days in February as compared to January on a month-on-month basis remittances increased by 2 per cent and fell by 2.7 per cent on a year-on-year basis.

During the first eight months (July-Feb) of the current fiscal year, the SBP said remittances grew by 7.6 per cent to $20.1 billion compared to the same period of last year.

The data showed the inflows from Saudi Arabia were at $558 million, United Arab Emirates (UAE) $387 million, United Kingdom $319 million and United States of America $210 million.