State Bank of Pakistan (SBP) on Saturday shared data showing remittances sent home by Overseas Pakistanis in January 2022 declined by 5 per cent compared to January 2021.
According to data, workers’ remittances clocked in at $2.14 billion in Jan 2022, above the $2 billion mark for a 20th consecutive month.
During the current fiscal year in the first seven months (July-Jan), remittances rose to record $18 billion, 9.1 per cent higher than the same period last year.
The SBP said remittances declined by 5 per cent compared to Jan 2021, “partly reflecting an easing of travel restrictions”. Compared to the previous month, remittances fell by 14.9 per cent due to “seasonality”, it added.
The data showed the inflows from Saudi Arabia were at $540 million, the United Arab Emirates (UAE) $374 million, the United Kingdom (UK) $320 million and the United States (US) $208 million.
