ISLAMABAD:The overseas workers’ remittances during the fiscal year 2022-23 were recorded at US $27.024 billion, according to the data issued by the State Bank of Pakistan on Monday.
On a month-on-month basis, the overseas workers’ remittances increased by 3.85 percent from $2.102 billion in May 2023 to $2.183 billion in June 2023.
On a year-on-year basis, the overseas workers’ remittances recorded an inflow of US$ 2.183 billion in June 2023, posting a decrease of 21.72 percent as compared with the same month of the previous year’s inflow of $ 2.789 billion.
During FY 2021-22, the workers’ remittances were recorded at US $ 31.278 billion which show a decline of 13.06 percent as compared to the remittances of during the period under review.
According to the remittances’ inflows during June 2023 were mainly sourced from Saudi Arabia ($515.1 million), the United Arab Emirates ($334.7 million), the United Kingdom ($343 million) and the United States of America ($272.3 million).
During the corresponding month, the overseas Pakistanis living in Bahrain sent $37.4 million, from Kuwait $70.5 million, from Qatar $76.9 million whereas $87.2 million were dispatched from Oman.
Similarly, the inflows from Germany, France, Netherlands, Spain, Italy, Greece, Sweden, Denmark, Ireland, and Belgium were recorded at $45.2 million, $39.4 million, $3.8 million, $46.6 million, $79.8 million, $29.7 million, $6.9 million, $7 million, $9.5 million and $9.7 million respectively.
Likewise, from Malaysia, Norway, Switzerland, Australia, Canada, and Japan, the workers dispatched $6.8 million, $9.9 million, $4.6 million, $46.4 million, $42.8 million, and $4.7 million respectively.
Remittances from South Africa during the month under review stood at $11.7 million while that from South Korea stood at $9.2 million. Similarly, $43.2 million were received from other countries.