Workers’ remittances climb 7.7pc to $26bn in 10 months

Karachi: Overseas Pakistanis remitted $3.1 billion to Pakistan during April 2022 as workers’ remittances continued strong trend n a month for the first time ever.

In terms of growth, the remittances increased by 11.2 percent on month-on-month basis and 11.9 percent on year-on-year basis during April.

Cumulatively, at $26.1 billion, remittances grew by 7.6 percent during 10 months of FY22 compared to the same period last year.

According to data released by the State Bank of Pakistan (SBP) on Friday, remittances’ inflows during April 2022 were mainly sourced from Saudi Arabia ($707 million), United Arab Emirates ($614 million), United Kingdom ($484 million) and the United States of America ($346 million).

During the corresponding month, the overseas Pakistanis living in Bahrain sent $51.5 million, from Kuwait $89 million, from Qatar $103.7 million whereas $114.6 million were dispatched from Oman.

Similarly the inflows from Germany, France, The Netherlands, Spain, Italy, Greece, Sweden, Denmark, and Ireland were recorded at $46.2 million, $41.5 million, $6.1, $46.2 million, $72.2 million, $33.5 million, $7.7 million, $7.2 million and $14.6 million respectively.

Likewise, from Malaysia, Belgium, Norway, Switzerland, Australia, Canada, and Japan, the workers dispatched $14.7 million, $22.9 million, $16 million, $4.1 million, $72.7 million, $81.1 million, and $7 million respectively.

SOURCE: APP