Overseas Pakistani remittances decline by 7.3pc in July: SBP

Karachi: Remittances sent home by overseas Pakistani workers declined by 7.3 percent and reached $2.0268 billion in July.

A drop of 19.7 percent on a year-on-year basis, according to State Bank of Pakistan (SBP) on Thursday. 

State Bank of Pakistan (SBP) figures show that in comparison to $2.51 billion in the same month last year, remittances from Pakistanis working abroad totaled $2.0268 billion in July 2023.

As per SBP data, overseas Pakistani employees in Saudi Arabia sent $486 million, $315 million from the United Arab Emirates, $305.7 million from the United Kingdom, and $238.1 million from the United States.

Earlier, Pakistan workers’ remittances fell by 15.9 percent on a year-on-year basis to $27 billion in FY2022-23 as compared to 2021-22.

According to the data released by the State Bank of Pakistan (SBP), Pakistan workers’ remittances stood at $27 billion in 2022-23 as compared to $31.30 billion in FY 2021-22.