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Remittances fall below $2 billion after 31 months: Another blow to economy

ISLAMABAD: After a gap of about 31 months, the inflows of remittances have fallen to below $2 billion in January 2023. This negative development seems to be another blow to the national economy.

Last month, the country received $1.89 billion remittances from overseas Pakistanis. In percentage, the remittances fell 13 per cent on year-on-year basis.

In January 2022, the inflows of the remittances amounted to $2.18 billion, according to the State Bank of Pakistan (SBP).

The central bank issued remittances latest data on Monday.

Last month, the total inflows of remittances stood at $1.894 billion, the lowest since May 2020. According to the central bank, the remittances fell for the fifth consecutive month in January 2023.

The month-on-month comparison shows 10 per cent decrease in the inflows of remittances in Jan-2023 when matched with $2.10 billion remittances received in December 2022.

In seven months of the ongoing fiscal year, July 2022 to Jan-2023, the inflow of remittances stood at $16 billion.

Thus, remittances reflected 11 per cent in this fiscal in comparison with $17.98 billion received in the corresponding period of fiscal year 2021-22.

Javed Mahmood
Written By

I am an experienced writer, analyst, and author. My exposure in English journalism spans more than 28 years. In the past, I have been working with daily The Muslim (Lahore Bureau), daily Business Recorder (Lahore/Islamabad Bureaus), Daily Times, Islamabad, daily The Nation (Lahore and Karachi). With daily The Nation, I have served as Resident Editor, Karachi. Since 2009, I have been working as a Freelance Writer/Editor for American organizations.


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