Economy

State Bank reports $2.2 billion inflows of remittance with 9% decline in Oct

Published

November 12, 2022

ISLAMABAD: State Bank of Pakistan said the inflows of overseas workers’ remittances amounted to US$2.2 billion during October 2022.

However, in comparison with the previous month (Sept), the remittances recorded a decline of 9.1 percent in October 2022.

The State Bank of Pakistan has reported 15.7 percent decline in inflows of remittances in October on yearly comparison basis.

In four months of the ongoing fiscal year (July-Oct 2022), Pakistan has received inflows of US$ 9.9 billion which show a decline of 8.6 percent as compared to the same period of last year.

Remittances inflows during October 2022 were mainly sourced from Saudi Arabia ($570.5 million), the United Arab Emirates ($427 million), the United Kingdom ($278.8 million) and the United States of America ($253.1 million).

The central bank, however, gave no reason for unexpected decline in the inflows of remittances in the first four months of the fiscal year 2022-23.

In this article:$2.2 billion, 9pc decline, Oct 2022, Remittances, State Bank of Pakistan

Written By Javed Mahmood

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.