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KARACHI: The State Bank of Pakistan (SBP) on Tuesday said the overseas Pakistani workers sent home total remittances of $2.4 billion during the month of September.
“In terms of growth, during this month (September 2022) the remittances decreased by 10.5 percent on month-on-month basis and by 12.3 percent on year-on-year basis,” an SBP press release said.
With cumulative inflow of $7.7 billion during July-September 2022, the remittances decreased by 6.3 percent as compared to the same period last year, it added.
Pakistanis residing in Saudi Arabia remitted the largest amount of $616.6 million in September 2022. However, it was 10.87% lower than the $691.8 million received in August 2022.
During Sep 22, workers’ remittances recorded an inflow of US$2.4 billion, indicating a decrease by 10.5 percent over the previous month.https://t.co/rPOvn9Dr8Nhttps://t.co/7XBd4uOcHC pic.twitter.com/Ny5ewJJQzQ
— SBP (@StateBank_Pak) October 11, 2022
Expatriates in the UAE sent home 10.74% less amount as receipts declined from $531.3 million to $474.3 million.
Remittances from overseas Pakistanis in the UK dropped 16.74% to $474.3 million. They sent $531.4 million in August 2022.
Moreover, remittances from other Gulf Cooperation Council (GCC) countries decreased by 1.69% to $295.7 million and a 5.53% decrease was recorded in inflows from European countries, which clocked in at $259.6 million in the month under review compared to August.
