11% decrease in overseas remittances recorded during current fiscal year
During first 9 months of fiscal year 2022-23, remittances decreased by about 11% to 20.53 billion, while in same period last year, remittances were 20 billion dollars
In first 9 months of financial year 2022-2023, Pakistan’s remittances decreased to 20.53 billion dollars, this year remittances decreased by about 11% compared to last year.
Pakistan saw an 11 percent decline in remittances to $20.53 billion during first nine months (July-March) of fiscal year 2022-2023.
According to data released by State Bank of Pakistan on Monday, inward remittances in country were $23.02 billion during same period last fiscal year.
According to central bank, remittances increased by 27.4 percent compared to February. Remittances during July to March were about $20.5 billion. In same period last year, remittances were around $23 billion.
Workers’ remittances recorded an inflow of US$2.5 billion during Mar 23, indicating an increase of 27.4% over Feb 23. For details see https://t.co/rPOvn9Dr8N https://t.co/7XBd4uOcHC pic.twitter.com/Czrv9jaNsO
— SBP (@StateBank_Pak) April 10, 2023
According to State Bank of India data, during the last month of March 2023, the inflow of workers’ remittances was recorded at 2.5 billion US dollars.
Last month in March, $564 million was received from Saudi Arabia, $407 million from the United Arab Emirates, $422 million from the United Kingdom and $316 million from United States.
Remittances are an important source of foreign exchange for Pakistan, and their continued growth has helped country maintain a stable external account position. However, during the current financial year, due to loss of confidence of overseas Pakistanis, country saw a sharp decline in remittances.
The volatile exchange rate in the country is due to lack of confidence among overseas Pakistanis as the unpredictable rate of the dollar in the country encouraged people to hold foreign exchange in the hope of better returns.
