Pakistan sees fall of remittances up to 12.3%

Pakistan has witnessed a decrease in remittances sent by overseas Pakistanis up to 12.3% on an annual basis and 10.5% on a monthly basis.

In September, Pakistanis living abroad sent 2.4 billion dollars home, according to the State Bank of Pakistan (SBP) data.

The remittances of overseas Pakistanis decreased by 10.5% on a monthly basis and 12.3% on an annual basis.

In the first quarter of July to September, overseas Pakistanis remitted $7.7 billion, recording a fall of 6.3 per cent.

Pakistanis working in Saudi Arabia sent the highest amount of $61.66 million in September. During September 2022, $2.4 billion were received in the form of workers’ remittances.

As compared to August this year, remittances decreased by 10.5 per cent in September.
As compared to September 2021, remittances decreased by 12.3% in September 2022, according to the central bank.

From July to September, Pakistanis living abroad sent $7.7 billion home. As compared to the first three months of the previous financial year, remittances decreased by 6.3% in the three months of the current financial year.

In the last month, remittances of $61.66 million were received from Saudi Arabia, $47.43 million was received from the UAE, $30.78 million from the United Kingdom (UK) and $26.81 million from the United States (US).