- Web Desk
- 22 Minutes ago
Pakistan receives $2.2 billion in September remittances
- Web Desk
- Oct 10, 2023
WEB DESK: In September 2023, Pakistan received a substantial influx of remittances totaling US$2.2 billion, as reported by the State Bank of Pakistan.
This marked a 5.3 per cent increase in remittances compared to the previous month. The cumulative remittances for the first three months of the fiscal year 2023–24 amounted to US$6.3 billion.
The major sources of these remittances in September 2023 were Saudi Arabia ($538.2 million), the United Kingdom ($311.1 million), the United Arab Emirates ($400 million), and the United States of America ($263.4 million).
This positive trend in September followed a notable rise in remittances in August 2023, when Pakistan received $2.1 billion from its foreign workers. This figure represented a 3.1 per cent increase compared to July’s remittances, which stood at $2.03 billion, as reported by the State Bank of Pakistan.
However, it is crucial to note a concerning trend on a yearly basis. In September 2023, Pakistan’s monthly remittances experienced a 24 per cent decline, down from $2.7 billion in the same month of the previous year.
Furthermore, the cumulative remittances for July and August of the fiscal year 2023–24 amounted to $4.1 billion. While this figure is significant, it reflects a 22 per cent decline compared to the same period in the previous fiscal year.
This decline, amounting to $1.13 billion, emphasises the need for strategic measures to address the decreasing trend in remittances, which is essential for the country’s economic stability.
In August 2023, Saudi Arabia emerged as the largest contributor to Pakistan’s remittances, sending $490.1 million.
Although this amount showed a 1 per cent improvement from the previous month, it was nearly 29 per cent lower than the remittances received in the same month of the previous year, which amounted to $692.6 million.
This decrease underscores the importance of monitoring and addressing the challenges faced by overseas Pakistanis, ensuring their continued support for the country’s economy.