Remittances register 5pc dip in January
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The remittances being sent by the overseas Pakistanis dipped by five per cent year-on-year to $2.144 billion in January, showed data released by the State Bank of Pakistan (SBP).
On month-on-month basis, the remittances registered a fall of $376 million or 15 percent. The workers’ remittances remained above the $2 billion mark for the 20th consecutive month.
The remittances grew at a much slower rate of 9.1pc to $17.951bn in July-January 2021-22 over the same period last year when the growth was recorded at 24pc over the preceding period.
The government eyes over $30 billion inflows from the overseas Pakistanis by end of FY22, which will help the country bridge the widening current account deficit already crossed $9 billion in the July-December period of this fiscal year.
Inflows stay above $2 billion mark for the 20th month running
The foreign exchange reserves of the SBP increased in the last week after the arrival of $1 billion from the IMF and $1 billion proceeds of Sukuk issuance on the international market.