Expats’ remittances down by 13% in July-May

The remittances sent by the Overseas Workers in the first 11 months of Fiscal Year 2022-23 (July-May) have decreased by 13 percent on a year-on-year basis as compared to the same period last year.

The statistics released by the State Bank of Pakistan on Tuesday showed that the overseas workers’ remittances recorded an inflow of US$24.8 billion in the July-May 2022-23 against $28.5 billion of last year.

Workers’ remittances recorded an inflow of US$2.1 billion during May 2023. For detail see https://t.co/rPOvn9Dr8Nhttps://t.co/7XBd4uOcHC#SBPRemittances pic.twitter.com/lcIkvd4K6f

— SBP (@StateBank_Pak) June 13, 2023

In May 2023, remittances recorded $2.1 billion inflows whereas in the previous month, they stood at $2.2 billion.

Share of remittances in July-May 2022-23 from the United States remained $2,824.7 million, United Kingdom $3,711.2 million, the United Arab Emirates (UAE) $5,924.8 million, $4,321.3 million, other GCC countries $2,918.2 million, and EU countries $2,839.5 million.

During the period, $97.8 million were received in remittances from Malaysia, $100.1 million from Norway, $38.9 million from Switzerland, $546.3 million from Australia, $507.3 million from Canada, $68.4 million from Japan, $199.1 million from South Africa, $87.9 million from South Korea, $646.2 million from other countries.

Monthly remittances during May’23 clocked in at $ 2.1bn down by 4% MoM and 10% YoY.

May’23: $ 2.1bn, -10% YoY | -4% MoM
11MFY23: $ 24.8bn, -13.0% YoY@StateBank_Pak #Remittances #SBP #Pakistan #Economy #AHL pic.twitter.com/9mTAiucxN1

— Arif Habib Limited (@ArifHabibLtd) June 13, 2023