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Pakistan

Pakistan’s remittances clock in at $2.2bn in September, 5.5% higher on monthly basis

  • However, inflow 11% lower year-on-year
  • Cumulative figure for July-September stands at $6.33bn, nearly 20% lower compared with same three-month period of FY23
Published October 10, 2023

Inflow of overseas workers’ remittances clocked in at $2.2 billion in September 2023, 5.3% higher on a month-on-month basis when compared to $2.1 billion in August 2023, showed data released on Tuesday by the State Bank of Pakistan (SBP).

On a yearly basis, however, the monthly inflow of remittances registered a decline of 11% as it stood at $2.5 billion in the same month of the previous year, data showed.

Home remittances play a significant role in supporting the country’s external account, stimulating Pakistan’s economic activity as well as supplementing disposable incomes of remittance-dependent households.

Meanwhile, workers’ remittances inflow of $6.33 billion has been recorded during July-September FY24, a massive decline of 20% YoY or $1.56 billion, as compared to $7.89 billion registered in 3MFY23.

Breakdown of remittances

Overseas Pakistanis in Saudi Arabia remitted the largest amount in September 2023 as they sent $538.2 million during the month. The amount improved by 10% on a monthly basis, but was nearly 15% lower than the $632.7 million sent by the expatriates in the same month of the previous year.

Inflows from the United Arab Emirates (UAE) saw a significant jump of 30% on a monthly basis, from $308.4 million in August to $399.8 million in September. However, on a yearly basis, the remittances declined by 16%, as compared to $474.8 million reported in same month last year.

Remittances from the United Kingdom amounted to $311.1 million during the month, a decline of 6% compared to $330 million in August 2023.

Meanwhile, remittances from the European Union improved 4% year-on-year as they amounted to $269.3 million in September 2023. Overseas Pakistanis in the US sent $263.4 million in September 2023, a year-on-year decline of 6%.

Comments

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Usman Oct 10, 2023 05:43pm
Hindi is still going on from Dubai.Stop it.get deep in it and you will see remittances increasing.
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XY Oct 10, 2023 06:41pm
Monthly basis...nice way to hide big decline looking at the big picture!
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Joynal Abdin Oct 11, 2023 10:19am
Nimsar Agrani Bank LTD Account 0200005303632
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