Daily Times

Statistics provided by the State Bank of Pakistan show that monthly remittances from Pakistani expatriates fell by 25.4% in May 2022 to $2.3b from a record high of $3.125b in April.

Workers’ remittances have been over the $2b barriers since June 2020, according to a statement from the central bank. For the month, remittances declined by 25.4 percent on a monthly basis and 6.9 percent year-over-year, mostly due to seasonal declines and extensive vacations after Eid. For each month, receipts totalled $542m, $435m, $354m, and 233m dollars from Saudi Arabia, the United Arab Emirates, and the United Kingdom. At $28.4b, total remittances for the first 11 months of FY22 had increased by 6.3% year on year. Expatriates from Saudi Arabia sent the most money during this time period, with a total of $7.06b. Net remittances from the United Arab Emirates (UAE) totalled $5.33b. A total of $4.03b was received from the United Kingdom, while foreign Pakistanis in the United States sent $2.79b. Receptions from GCC nations other than the UAE and Saudi Arabia totalled $3.29b. Between July 2021 and May 2022, net remittances from EU countries totalled $3.07b. As a result of servicing its external debt and a decline in dollar inflow, Pakistan’s foreign exchange reserves have been depleted.