Pakistan witnesses drop in remittances in second consecutive month

Karachi: Pakistan has witnessed a drop in the remittances sent home by the overseas Pakistanis in the second conseuctive month of October, the data released by the State Bank of Pakistan (SBP) showed on Friday. 

Remittances fell by over 9 per cent in the second successive month-on-month decline to clock in at $2.2 billion owing to the global slowdown and widening rate differential in the open and interbank market.

The data further shows that the remittances were 15.7pc lower than the $2.62 billion sent home from abroad in the same period of the previous fiscal year.

However, remittances declined by 9pc on a year-on-year basis to $9.9 billion in four months (July-October) of the current fiscal year 2022-23.

Pakistan received $570.5 million from Saudi Arabia in October 2022. However, it was 7.47% lower than the $616.86 million received in September 2022.

Expatriates in the UAE sent home 9.97% less amount as receipts declined from $474.3 million to $427 million.

Remittances from overseas Pakistanis in the UK dropped 9.42% to $278.8 million. They sent $307.8 million in September.