Remittances Still Above $2 Billion Despite 14.9% Drop in January

The inflows of remittances suffered a fresh blow as they declined by 5 percent in January 2022 compared to the corresponding period last year, partly reflecting an easing of travel restrictions. Compared to December 2021, the remittances fell by 14.9 percent on a month-on-month basis due to seasonality. Official numbers by the State Bank of Pakistan (SBP) revealed that inflows of remittances stood at $2.14 billion in January 2022 and remained above $2 billion for the 20th consecutive month. Economic analyst, A. H. H. Soomro, told ProPakistani, Between July 2021 and January 2022, workers’ remittances have surged to $18 billion, 9.1 percent higher than the same period last year. Remittances sent by overseas workers maintained their stability with over $2 billion inflows recorded in January. Remittances inflows are likely to set a new record in the current financial year if the growth persists in the months to come. It is noteworthy that the use of banking channels by overseas Pakistanis helped increase the inflows of remittances in the country. Inflows of remittances during January 2022 were mainly sourced from Saudi Arabia ($540 million), the United Arab Emirates ($374 million), the United Kingdom ($320 million), and the United States of America ($208 million).