Remittances Decrease by 7.7% to $2.5 Billion in July

Workers’ remittances in July decreased by 7.7 percent on a year-on-year (YoY) basis and stood at $2.524 billion compared to $2.736 billion during the same month last year. The remittances also saw a decline of 8.6 percent on a month-on-month (MoM) basis compared to $2.761 billion in June 2022, according to data released by the State Bank of Pakistan (SBP). The central bank attributed the decline in remittances to considerably fewer working days because of the Eid holidays. It said that the daily average rate of remittances was 18 percent higher in July than in June. The SBP highlighted that there were just 17 working days in July compared to 22 working days in June. Remittances inflows during July 2022 were mainly sourced from Saudi Arabia ($5801 million), United Arab Emirates ($456 million), the United Kingdom ($412 million), and the United States ($254 million). In the last fiscal year 2021-22 (FY22), remittances inflows were recorded at an all-time high level of $31.2 billion.