Daily Times

The overseas workers’ remittances posted an increase of 27.42 percent, surging from $1.987 million in February 2023 to $2.532 million in March 2023.

On a year-on-year basis, the overseas workers’ remittances recorded an inflow of US$2.532 billion in March 2023, posting a decrease of 10.65 percent as compared with the same month of the previous year’s inflow of $2.834 billion, according to the latest data released by State Bank of Pakistan (SBP) on Monday.

The overseas workers’ remittances posted a decline of 10.82 percent from July-March (2022-23) as the remittances decreased from $23.018 billion in July-March (2021-22) to $20.526 billion in the period under review.

According to the remittances’ inflows during March 2023 was mainly sourced from Saudi Arabia ($563.9 million), the United Arab Emirates ($406.7 million), the United Kingdom ($422.0 million) and the United States of America ($2532.6 million).

During the corresponding month, the overseas Pakistanis living in Bahrain sent $42.5 million, from Kuwait $77.9 million, from Qatar $83.6 million whereas $93.5 million were dispatched from Oman.

Similarly, the inflows from Germany, France, The Netherlands, Spain, Italy, Greece, Sweden, Denmark, Ireland, and Belgium were recorded at $58.2 million, $42.3 million, $9.7 million, $44.7 million, $78.3 million, $30.2 million, $7.3 million, $7.5 million, $11.4 million and $9.1 million respectively.

Likewise, from Malaysia, Norway, Switzerland, Australia, Canada, and Japan, the workers dispatched $7.1 million, $10.6 million, $4.4 million, $51.6 million, $52.6 million, and $6.7 million respectively.

Remittances from South Africa during the month under review stood at $13.5 million while that from South Korea stood at $8.5 million. Similarly $72.8 million were received from other countries.