Pakistanis send $2.5 billion remittances in July

Karachi: Workers’ remittances recorded an inflow of $2.5 billion during July 2022, continuing their record of above $2 billion for the 26 consecutive months.

A statement issued by the State Bank of Pakistan on Tuesday said in terms of growth, in July 2022 the remittances decreased by 8.6 per cent on month-on-month and of 7.8 percent on yearly basis.

This decrease largely reflected the lower number of working days in July as a result of Eid, at 17 working days compared to 22 last month and 18 in July 2021.

Remittances inflows during July 2022 were mainly sourced from Saudi Arabia ($580.6 million), United Arab Emirates ($456.2 million), United Kingdom ($411.7 million) and United States of America ($254.3 million).

SOURCE: APP