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Remittances inflow again surges to $2.7 billion in August with 8% growth

ISLAMABAD: In the month of August 2022, overseas Pakistanis once again sent a record amount of $2.7 billion to help their families to cope with tormenting rains and floods.

The inflows of remittances in August reflect 7.9 percent growth over the previous month. However, on yearly basis, the remittances recorded 1.5 percent growth in August 2022.

The State Bank of Pakistan gave no reason for 8 percent increase in the inflows of remittances, nonetheless, analysts believe that expatriates have sent more money to their families amid ongoing catastrophe of floods and tormenting rains across the country.

According to the central bank, the remittance inflows during August were mainly sourced from Saudi Arabia ($691.8 million), United Arab Emirates ($531.4 million), United Kingdom ($369.7 million) and the United States ($294.4 million).

AED. Currency of United Arab Emirates. Emirates Dirham b finance background.Macro photography

Importantly, in the month of July 2022, the overseas Pakistanis remittances recorded an inflow of $2.5 billion with 8.6 percent decline in comparison with the inflows received in June. In June this year, the SBP said the decrease largely reflected the lower number of working days in July as a result of Eid, at 17 working days compared to 22 last month and 18 in July 2021.

Remittances inflows during July 2022 were mainly sourced from Saudi Arabia ($580.6 million), United Arab Emirates ($456.2 million), United Kingdom ($411.7 million) and United States of America ($254.3 million).

Javed Mahmood
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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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