In September 2023, Pakistanis living abroad sent $2.2 billion in remittances, an 11% decrease from the $2.48 billion they contributed during the same month in the previous year.
According to data on remittances issued by the State Bank of Pakistan (SBP), however, the inflows in September 2023 grew by 5% above inflows of $2.09 billion registered in August 2023.
During Sep 2023, workers’ remittances recorded an inflow of US$2.2 billion, showing an increase of 5.3 percent compared to the previous month.
For details see https://t.co/rPOvn9CTjfhttps://t.co/7XBd4uNES4#SBPRemittances pic.twitter.com/qenzCIvWUI— SBP (@StateBank_Pak) October 10, 2023
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According to a breakdown of the figures, Saudi Arabia had the highest inflows, at $538 million, followed by the United Arab Emirates (UAE), the United Kingdom (UK), the European Union (EU) countries, at $311 million, and the United States (US), at $263 million.
On a year-over-year (YoY) basis, inflows from Saudi Arabia decreased by 15%, while those from the United Arab Emirates and the United States decreased by 16% and 6%, respectively. However, whereas the UK’s inflows climbed by 1%, those from other European Union (EU) nations increased by 4%.
Remittances totaled $6.33 billion in the first quarter of the fiscal year 2023–2024 (1QFY24), a 20% decrease from the $7.89 billion in remittances recorded in the same quarter of the previous fiscal year.
As the open market rate of the US dollar declined by approximately Rs. 50 during the month, it was anticipated that remittances would experience a significant boost. However, there is little indication of a large increase in inflows from the slight month-over-month gain.
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With remittance inflows totaling $3.1 billion in April of last year, Pakistan experienced its largest remittance inflows ever. Remittances have, however, decreased dramatically over the past 12 months and have just once exceeded $2.5 billion (in March 2023).