Remittances slide 9.5% to $2b in February

ISLAMABAD: Overseas workers’ remittances posted a decline of 9.5% to $2 billion on a year-on-year (YoY) basis in February FY23 as compared with the same month of previous year’s inflow of $2.2 billion.

On month-on-month basis (MoM), the remittances in February FY23 witnessed an increase of 4.9% when compared with the inflow of $1.9 billion recorded in January FY23.

According to data released by State Bank of Pakistan (SBP) on Friday, remittances’ inflows during February, 2023 were mainly sourced from Saudi Arabia ($454.6 million), United Arab Emirates ($269.2 million), United Kingdom ($324.0 million) and United States of America ($219.4 million).

During the corresponding month, overseas Pakistanis living in Bahrain sent $35.6 million, from Kuwait $63.1 million, from Qatar $67.8 million whereas $75.0 million were dispatched from Oman.

Similarly, the inflows from Germany, France, The Netherlands, Spain, Italy, Greece, Sweden, Denmark, Ireland, and Belgium were recorded at $47.1 million, $33.9 million, $5.2 million, $37.4 million, $66.5 million, $25.3 million, $5.3 million, $6.9 million, $9.7 million and $8.1 million respectively.

Likewise, from Malaysia, Norway, Switzerland, Australia, Canada, and Japan, the workers dispatched $6.5 million, $8.7 million, $3.4 million, $46.8 million, $40.4 million, and $5.9 million respectively.

Remittances from South Africa during the month under review stood at $11.8 million while that from South Korea stood at $8.6 million. Similarly, $53.9 million were received from other countries.

 

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