ISLAMABAD: Inflow of overseas workers’ remittances witnessed a decline to clock in at 2.03 billion dollars in July, a decrease of 7.3 per cent on a month-on-month (MoM) basis when compared to 2.2 billion dollars in June, the latest data released by the State Bank of Pakistan (SBP) showed on Thursday.
On a yearly basis, the monthly inflow of remittances recorded a decline of 19.3 per cent, as they stood at 2.51 billion dollars in the corresponding month of the previous year, data revealed.
The fall in remittances, a vital source of foreign exchange for Pakisatn, is a concern for the cash-strapped country.
Experts attributed the fall to seasonal factors as remittances historically post a drop after Eid season.
Remittances from Saudi Arabia
Overseas Pakistanis in Saudi Arabia remitted the single largest amount in July as they sent 486.7 million dollars. However, this was nearly 16 per cent lower than the 577.1 million dollars sent by expatriates in the corresponding month of the previous year.
Inflows from the United Arab Emirates recorded a considerable decline of 31 per cent as they dropped from 455.9 million dollars in July last year to 315.1 million dollars in July 2023.
Remittances from the United Kingdom (UK) amounted to 305.7 million dollars during the month, a decline of 25 per cent compared to 408.6 million dollars in June 2022.
Additionally, remittances from the European Union (EU) droped by 4 per cent as they amounted to 283.6 million dollars in July. Overseas Pakistanis in the US sent 238.1 million dollars in July, registering a YoY decline of 4 per cent.
