Remittances decrease by 8pc to $2.52bn in July

Islamabad: Workers' Remittances fell by 8.6% to $2.52 billion in the month of July’22, from $2.76 billion recorded in the previous month, the latest data issued by SBP showed today.

“Remittances remained strong in July, however, the monthly decline was due to considerably fewer working days because of the Eid holidays. The daily average rate of remittances was 18% higher in July than in June, SBP said in a tweet.

Similarly, on yearly basis, remittances witnessed a fall of 8% from $2.73 billion in July 2021.

Country-wise remittances inflows during July 2022 were mainly sourced from Saudi Arabia ($580.6 million), United Arab Emirates ($456.2 million), United Kingdom ($411.7 million), and United States of America ($254.3 million).