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Remittance Growth is Slowing As Travel Bans Are Relieved

Karachi: Overseas Pakistanis’ remittances increased by only 1% year-over-year in November 2022, reaching $2.4 billion compared to $2.3 billion in November 2021. The monthly decline in remittances was 7%, although the current fiscal year had a 10% increase, totaling $11.76 billion.

The impact of the remittance current account deficit (CAD) will be reported in the coming days and remains noteworthy, especially in light of its potential impact on today’s monetary policy announcement. Balance of Payments (BoP) figures may not be available at this time.

Read: Government Planning a Scheme to Launch E-Bikes for a Clean Environment

Remittances from Saudi Arabia decreased by 13%, while remittances from other nations decreased by 2%. In contrast, remittances from the United Kingdom, the European Union, and the United States increased by 7%, 20%, and 28%, annually.

Afghanistan’s factors will likely keep their present level in 2022, causing the World Bank to maintain its current high levels in 2022. However, the transitory effects of government incentives to draw remittances have dissipated. A report titled “Overview of Immigration and Development” was published by the World Bank.

Read: Installment Scheme Announced for Domestic Hajj Pilgrims by Saudi Arabia

According to the research, Afghanistan’s precarious economic and political condition in 2021 resulted in an unanticipated transfer of funds to Pakistan. The survey also indicates that Pakistan would see a record-breaking year of remittances in 2021, with an increase of 26% to $ 33 billion.

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