Decline in Remittances
ISLAMABAD: The State Bank of Pakistan today reported a huge decline of $4.25 billion in the inflows of remittances in the fiscal year 2022-23.
In percentage, the overseas Pakistanis remittances fell 13.6% YoY in FY2022-23 _ to $27.02 billion, as compared to $31.27bn in FY2-21-22.
The State Bank of Pakistan mentioned this decline in its latest data released on Monday.
In the month of June alone, workers’ remittances registered an inflow of $2.2 billion, compared to $2.1bn in May 2023, and $2.7bn in June 2022.
The inflows mainly came from Saudi Arabia, the United Arab Emirates, the United Kingdom, and the United States of America, with Saudi Arabia being the largest contributor at $515.1 million.
The central bank, nonetheless, mentioned no reasons for this huge decline in the inflows of the remittances in the last fiscal year.
More to follow…………..
