Pakistan’s remittances clock in at just over $2bn in July

The inflow of remittances from abroad employees fell 7.3% month on month to $2.03 billion in July 2023, from $2.2 billion in June 2023, according to figures provided by the State Bank of Pakistan (SBP) on Thursday.

According to data, the monthly inflow of remittances decreased by 19.3% year on year, standing at $2.51 billion in the same month the prior year.

The drop in remittances, a critical source of foreign currencies for the cash-strapped government, is a matter of concern.

Experts ascribed the drop to seasonal causes, as remittances have usually declined following Eid.

Breakdown of remittances

Overseas Pakistanis in Saudi Arabia remitted the single greatest sum in July 2023, sending $486.7 million. This was, however, approximately 16% less than the $577.1 million sent by expatriates in the same month the previous year.

Inflows from the United Arab Emirates (UAE) declined by 31%, falling from $455.9 million in July 2022 to $315.1 million in July 2023.

Remittances from the United Kingdom totaled $305.7 million in June, a 25% decrease from $408.6 million in June 2022.

Furthermore, remittances from the European Union decreased by 4% to $283.6 million in July 2023. Overseas Pakistanis in the United States sent $238.1 million in July 2023, a 4% decrease year on year.

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