State Bank of Pakistan published the monthly Remittance inflow data which showed remittances from Pakistani workers abroad rose to $ 15.8 billion in the first six months of this fiscal year, up 11.3 percent from a year earlier.
Limited air travel of Overseas Pakistanis to their homeland due to pandemic restrictions in various regions also led to more remittances through legal channels and supported an increase in remittances. Remittances are likely to grow to more than $ 31 billion in FY2022.”
Data from the State Bank of Pakistan (SBP) showed that inflows came largely from Saudi Arabia, the United Arab Emirates, the United Kingdom and the United States.
Remittances from Saudi Arabia rose 2% to $ 4.034 billion in the fiscal year July-December 2021. These remittances accounted for 25% of all remittances during the period considered.
Pakistani citizens working in the UAE sent home $ 3 billion in six months in fiscal year 2022, compared to $ 2.956 billion last year. Remittances from the UK rose 14 per cent to $ 2.147 billion in July-December 2021 period.
The money sent home by Overseas Pakistanis based in USA was $ 1.494 billion. That’s $ 1.205 billion a year ago.
“With $ 2.5 billion in Remittance Inflows arriving in December 2021, remittances continued at a strong pace and remained at more than $ 2 billion consecutively since June 2020, the SBP said in a statement on Friday.
It added that remittances grew by 2.5 percent month-on-month and 3.4 percent year-on-year in December 2021.
Latest posts by News Desk (see all)
- 94 Million People in Pakistan below Poverty Line - September 25, 2023
- WB concerned about Pak’s Low Tax-to-GDP Ratio of 10.4 percent - September 25, 2023
- Nimir Resins Ltd post PKR 367mn Profit in FY2023 - September 25, 2023