Remittances Decrease by 29% YoY to $2.2 Billion in April

Remittances in April registered a decrease of 12 percent on a month-on-month (MoM) basis and dropped to the $2.2 billion mark compared to $2.5 billion in March 2023, according to data issued by the State Bank of Pakistan (SBP). Remittances received by the country from overseas Pakistanis are down 29 percent on a year-on-year (YoY) basis from $3.1 billion in April 2022. Remittance inflows during April 2023 were primarily sourced from Saudi Arabia ($489.3 million), the United Arab Emirates ($382.1 million), the United Kingdom ($360.7 million), and the United States ($275.8 million). Proceeds from expats residing in the European Union countries decreased by 13.4 percent on an MoM basis in April 2023, reaching $257.3 million. Similarly, remittances from other GCC Countries (Bahrain, Kuwait, Qatar, and Oman) decreased by 16.3 percent MoM to $249.4 million. Cumulative remittances during July-April (10 months) were down by 13 percent to $22.7 billion against $26.1 billion recorded in the corresponding period of last year.