Flow of Funds from Abroad Reaches a Record High of USD 20 Billion
Thursday in Karachi, the State Bank of Pakistan (SBP) issued net income numbers indicating a USD 20.1 billion influx from non-resident Pakistanis (NRPs) (March 10).
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In the first eight months of 2021, USD 18.7 billion in remittances were received, a 7.6% rise from the same period the previous year. (8MFY21). According to the sources, February 2022 remittances were down 2.7% compared to the same month the previous year. In contrast, February 2022 inflows were 2% greater than January 2022 inflows.
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It is anticipated that the government will collect a total of USD 30 billion by the end of the fiscal year. The amount will exceed the industrial sector’s export income. In the months that followed, it was projected that ongoing market volatility and price rises would result in a larger Current Account Deficit (CAD).
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