Year-on-Year Decline: Pakistan’s Workers’ Remittances Witness a 15.9% Drop in 2022-23

Remittances from Pakistani employees declined 15.9% year on year to $27 billion in FY2022-23 compared to 2021-22.

According to figures issued by the State Bank of Pakistan (SBP), remittances from Pakistani employees totaled $27 billion in 2022-23, down from $31.30 billion in FY 2021-22.

According to the report, remittances remained $2.2 billion in June, down from $2.8 billion a year earlier, according to the central bank on Monday.

Inflows of remittances for June 2023 were primarily from Saudi Arabia ($515 million), the United Kingdom ($342.9 million), the United Arab Emirates ($324.7 million), and the United States of America ($272.2 million), according to data from the World Bank.

During the same month, foreign Pakistanis living in Bahrain sent $37.4 million, Kuwait contributed $70.5 million, Qatar sent $76.8 million, and Oman sent $87.1 million.

Inflows from Germany, France, the Netherlands, Spain, Italy, Greece, Sweden, Denmark, Ireland, and Belgium totaled $17.8 million, $15.4 million, $26.4 million, $27.5 million, $41.1 million, $33.2 million, $25.6 million, $1.7 million, 2.8 million, and 3.2 million, respectively.

Workers sent $29.4 million, $30.3 million, $3.1 million, $26 million, $19.0 million, and $7.5 million from Malaysia, Norway, Switzerland, Australia, Canada, and Japan, respectively.

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