ISLAMABAD: The State Bank of Pakistan has reported 9.7% growth in the inflows of remittances in first five months of the ongoing fiscal year. In dollars, the increase in inflows of remittances amounted to $1.14 billion during July-Nov period of FY22.
In first five months of the current financial, Pakistan has received $12.9 billion workers’ remittances as compared to inflows of $11.76 billion in the corresponding period of last fiscal year, FY2020-21.
With 25 percent share in overall inflows, Saudi Arabia remained the largest contributor. Overall, some $3.27 billion remittances were received from Saudi Arabia during the first five months of this fiscal year down from $3.33 billion. In addition, $1.306 billion and $1.768 billion inflows arrived from the USA and UK, respectively.
However, in November 2021, the month-on-month basis, inflows of home remittances declined by 6.5 percent in November 2021 over October 2021. In the moth of Nov2021, Pakistan has received $2.35 billion of inflows during November 2021 against $2.517 billion in October 2021. In monetary term, this decline in remittances was equal to $166 million.
Furthermore, the remittance inflows during November 2021 were mainly originated from Saudi Arabia ($590 million, United Arab Emirates $452.5 million, United Kingdom $305.8 million and the United States of America $237.8 million).
