Home remittances decline to


$7.68 billion in 1QFY23

KARACHI: Inflow of home remittances has slipped by 6.34 per cent to $7.68 billion during first quarter of the current fiscal year 2022-2023, according data released by the State Bank of Pakistan (SBP) on Tuesday.

The inflow of remittances was $8.2 billion in the corresponding quarter of the last year.

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The data showed that Pakistanis living in Saudi Arabia remitted an amount of $1.89 billion during the first quarter of the current fiscal year as compared with $2.1 billion in the corresponding quarter of the last fiscal year, showing a decline of 10 per cent.

Similarly, the inflow from the UK fell to $1.1 billion during the quarter under review as compared with $1.14 billion in the same quarter of the last fiscal year, showing a decline of 4.2 per cent.

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However, Pakistanis living in the US remitted an amount of $817 million during first quarter of the current fiscal year as compared with $762 million in the corresponding quarter of the last fiscal year, showing an increase of 7.1 per cent.

The inflow of remittances from the UAE recorded a decline of 8.7 per cent to $1.46 billion during the quarter under review as compared with $1.6 billion in the same quarter of the preceding fiscal year.

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The flow of home remittances from the other GCC countries to Pakistan also witnessed a decline of 4.1 per cent to $877 million as compared with $914 million.

Likewise, the inflow from the EU countries recorded a slump of 7.7 per cent to $829 million when compared with $898 million.

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The remittances sent by overseas Pakistanis in the month of September 2022 recorded at $2.44 billion as compared with $2.78 billion in the same month of the last year, showing a decline of 14.07 per cent.

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