Pakistan has received a record over $28 billion in remittances in the first 11 months of the outgoing fiscal year, presenting an increase of 6.3 percent over the corresponding period last year.
Though, the inflow in May was very much lower than in April whereas it was even less than the remittances sent in May 2021. The foreign Pakistanis remitted $2.332 billion in May against a record monthly figure of $3.125 billion in the last month. In May 2021, the inflow was $2.506 billion.
The State Bank of Pakistan (SBP) issued its statement on Friday that the remittances during July-May FY22 were $28.4 billion as compared to $26.7 billion in the corresponding period of the preceding year.
Remittances recorded at $14.2 billion during six months, rose 24.2% from last year.
Read more: Pakistan receives all-time high $3.12 billion remittances in April
With regard to record growth, remittances in May declined by 6.9 percent on a year-on-year basis and 25.4 percent on a month-on-month basis, largely showing the usual seasonal post-Eid decline and associated long holidays, the central bank maintained.
The SBP further reported that in May, at $2.3 billion, workers’ remittances have continued to remain more than the $2 billion mark since June 2020.
Remittances in May were mostly received from Saudi Arabia ($542 million), the United Kingdom ($354 million), the United Arab Emirates ($435 million), and the United States of America ($233 million).
Moreover, the highest remittances of around $7.059 billion were sourced from Saudi Arabia during the July-May period. Inflows from the UK and US raised 8.5 percent and 18.5 percent to $4.025 billion and $2.8 billion, respectively.
During the period under review, the overseas Pakistanis residing in Bahrain remitted $39.1 million, from Kuwait $67 million; from Qatar, $76 million and $114.6 million were dispatched from Oman.
Likewise, the inflows from France, Germany, The Netherlands, Spain, Greece, Italy, Sweden, Ireland, and Denmark, were recorded at $38.0 million, $41.5 million, $5.0, $43.3 million, $30.2 million, $68.8 million, $6.0 million, $12.8 million, and $5.2 million respectively.
