In September 2023, remittances from Pakistanis living abroad totaled $2.2 billion, down 11% from $2.48 billion in the same month the previous year.
Nonetheless, when compared month-to-month, the September 2023 inflows climbed by 5% over the $2.09 billion in August 2023 inflows, as per the remittance data made public by the State Bank of Pakistan (SBP).
A breakdown of the figures reveals that Saudi Arabia accounted for the largest inflows, coming in at $538 million. The UAE, the United Kingdom (UK), the European Union (EU), and the United States (US) came in second and third, respectively, at $400 million, $311 million, and $269 million.
Year-over-year (YoY), Saudi Arabia’s inflows decreased by 15%, while those from the US and the United Arab Emirates decreased by 6% and 16%, respectively. On the other hand, immigration from nations within the European Union (EU) increased by 4%, and immigration from the United Kingdom increased by 1%.
Remittances for the first quarter of the fiscal year 2023–24 (1QFY24) totaled $6.33 billion, which represents a 20% decrease from the $7.89 billion recorded during the same period in the previous fiscal year.
Given that the US dollar’s open market rate fell by around Rs. 50 in September, it was anticipated that remittances would experience a significant boost throughout the month. Nevertheless, a notable rise in inflows is not reflected in the month-over-month marginal increase.
With $3.1 billion in remittance inflows, April of last year was Pakistan’s largest ever. Remittances, on the other hand, have decreased dramatically over the past 12 months and have only once exceeded $2.5 billion (in March 2023).
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