Karachi: The State Bank of Pakistan (SBP) revealed on Tuesday (September 13) that remittances were 8% higher in August than in July, news sources reported.
Non-resident Pakistanis (NRPs) sent USD 2.7 billion in August, up from USD 2.524 billion in July 2022, a USD 200 million increase. On a year-on-year basis, NRPs remitted 1.5% higher remittances in August 2022 than in August 2021, totalling USD 2.683 billion. However, cumulative inflows of worker remittances declined by 3.2% in the first two months of the current fiscal year (FY-23) to USD 5.247 billion, compared to USD 5.418 billion recorded in the same time last year (FY-22). Pakistanis residing in Saudi Arabia were reported to have sent the highest amount of USD 691.8 million, followed by workers in the United Arab Emirates with USD 531.4 million, the United Kingdom (UK) with USD 369.7 million, and the United States (US), which sent USD 294.4 million.
Despite the changes in total remittances, Saudi Arabia remained the largest source of foreign exchange reserves for the country. The overall funds are expected to remain within the forecast margins due to increased liquidity funds received from the IMF and friendly countries in the current fiscal year, which the government claims are sufficient for meeting the balance of payment and financial stability.
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.
