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Pakistan’s remittances fall 9.5% to $2bn in February

by News Publishing
March 10, 2023
in Main
Reading Time: 1 min read
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Pakistan's remittances fall 9.5% to $2bn in February
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The amount of money that foreign workers sent home in remittances decreased by 9.5% to $2 billion in February 2023 as compared to the same month the previous year due to swings in the exchange rate, economic uncertainty, and a general lack of confidence in the system.

Remittances totaled $2.2 billion in the same month a year ago, according to figures issued by the State Bank of Pakistan (SBP) on Friday.

On the other hand, compared to the $1.9 billion reported in January 2023, these inflows increased month over month by 4.9%.

Workers’ remittances recorded an inflow of US$2.0 billion during Feb 23. For details see https://t.co/rPOvn9CTjfhttps://t.co/7XBd4uNES4 pic.twitter.com/vcQ6cZR1yU

— SBP (@StateBank_Pak) March 10, 2023

Remittances were $17.99 billion in the first eight months (July-February) of the fiscal year 2022–23, down 10.8% from $20.18 billion in the same period of FY2022.

According to a breakdown, Saudi Arabia ($454.6 million) sent the most money home in February 2023, followed by the United Arab Emirates ($324.0 million), the United Kingdom ($317.0 million), and the United States of America ($219.4 million).

Tags: PakistanState Bank of Pakistan
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