Karachi: The State Bank of Pakistan (SBP) released data reporting the highest-ever remittance of USD 31.7 billion in the fiscal year (FY) 2021-22 (FY22), news sources reported on July 19. The figure is 6.1% higher than the same period last year in FY21.
Reportedly, the central bank issued FY22 statistics that revealed that non-resident Pakistanis (NRPs) sent USD 2.761 billion in June FY22, up from USD 2.332 billion in May, representing a rise of USD 429 million or 18.4%. However, the remittance is 2% higher than the same month last year (FY21). It is also worth noting that the country’s remittances were nearly equivalent to its exports, totalling USD 31.85 billion in FY22.
Furthermore, when remittances and exports are compared on a month-to-month (MoM) basis, remittances were USD 2.761 billion in June FY22, while exports were USD 2.89 billion. When the highest remittances are compared, Saudi Arabia and the United Arab Emirates (UAE) topped the list with USD 7.743 billion and USD 5.842 billion, respectively. While the United Kingdom and the United States also saw considerable increases in remittances, with USD 4.487 billion and USD 3.082 billion, respectively.
It is also interesting to note that the government recorded the highest trade deficit of USD 48.67 billion compared to the trade deficit of USD 30.96 billion in FY21. To address the rapid increase in the deficit, the government placed a blanket ban on imports in June.
Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.
