KARACHI: Remittances from overseas employees registered a sharp reduction, falling to $2.2 billion in April 2023 from $2.5 billion in March 2023, a 12.9% month-over-month decline., showed data released by the State Bank of Pakistan (SBP) on Wednesday.
On a year-on-year basis, the inflow of remittances registered a massive decline of 29%. In April 2022, the amount stood at $3.12 billion, data showed.
On a cumulative basis, the inflow of remittances during the July to April of fiscal year 2022-23 stood at $22.742 billion, 13% lower than $26.143 billion in the same period of the previous fiscal year.
Overseas Pakistanis in Saudi Arabia remitted the single largest amount in April 2023 as they sent $489.3 million during the month. This was nearly 31% lower than the $705 million sent by expatriates in the same month of the previous year.
Remittances from the United Arab Emirates amounted to $382 million during the month, a decline of 38% compared to $614 million in April 2022.
Inflows from the United Kingdom plunged 25% as they decreased from $484 million in April 2022 to $361 million in April 2023.
