Remittances decline 12.3pc in September: SBP

Karachi: The flow of remittances in Pakistan from foreign countries fell 12.3 per cent in September 2022 on a year-on-year basis to $2.4 billion, owing to high base effect and resumption of post-Covid traveling.

The State Bank of Pakistan (SBP) on Tuesday said the overseas Pakistani workers sent home total remittances of $ 2.4 billion during the month of September.

“In terms of growth, during this month (September 2022) the remittances decreased by 10.5 percent on month-on-month basis and by 12.3 percent on year-on-year basis,” an SBP press release said.

With cumulative inflow of $ 7.7 billion during July-September 2022, the remittances decreased by 6.3 percent as compared to the same period last year, it added.

The SBP said the remittances inflow last month were mainly sourced from Saudi Arabia ($616.6 million), the United Arab Emirates ($474.3 million), the United Kingdom ($307.8 million) and the United States ($268.1 million).