Pakistan foreign remittances face a big setback

Pakistan foreign remittances face a big setback

The decline of foreign emittances sent home by overseas Pakistanis continued for the second successive month-on-month in October as the foreign remittances declined by over 9% to clock in at $2.2 billion, according to data released by The State Bank of Pakistan Friday.

The remittances were 15.7% lower than the $2.62 billion sent home from abroad in the same period of the previous fiscal year.

However, remittances declined by 9% on a year-on-year basis to $9.9 billion in four months (July-October) of the current fiscal year 2022-23.

Pakistanis residing in Saudi Arabia remitted the largest amount of $570.5 million in October 2022. However, it was 7.47% lower than the $616.86 million received in September 2022.

Expatriates in the UAE sent home 9.97% less amount as receipts declined from $474.3 million to $427 million.

Remittances from overseas Pakistanis in the UK dropped 9.42% to $278.8 million. They sent $307.8 million in September.

Remittances from other Gulf Cooperation Council (GCC) countries decreased by 12.64% to $258.3 million and a 10.36% decrease was recorded in inflows from European countries, which clocked in at $232.7 million in the month under review compared to September.