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Workers’ remittances up by 7.9pc to $2.7bn in August

Workers' remittances up by 7.9pc to $2.7bn in August

The overseas workers’ remittances recorded an inflow of $2.7 billion during August 2022, posting an increase of 7.9 per cent as compared with the previous month’s inflow of $2.53 billion.

On a year-on-year basis, the remittances also witnessed an increase of 1.5 per cent as compared with the inflow of $2.68 billion recorded in August 2021.

On average, the remittances posted 3.2 per cent decline during first two months of current fiscal year as the remittances fell from $5.42 billion in July-August (2021-22) to $5.25 billion in same period of the current fiscal year.

According to data released by State Bank of Pakistan (SBP), remittances’ inflows during August 2022 were mainly sourced from Saudi Arabia ($691.8 million), United Arab Emirates ($531.4 million), United Kingdom ($369.7 million) and the United States of America ($294.4 million).

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During the corresponding month, the overseas Pakistanis living in Bahrain sent $42.8 million, from Kuwait $77.3 million, from Qatar $88.6 million whereas $92.1 million were dispatched from Oman.

Similarly the inflows from Germany, France, The Netherlands, Spain, Italy, Greece, Sweden, Denmark, Belgium, and Ireland were recorded at $40.1 million, $37.1 million, $4.6 million, $45.4 million, $76 million, $30.5 million, $5.9 million, $5.2 million, 19.1 million and $10.9 million respectively.

Likewise, from Malaysia, Norway, Switzerland, Australia, Canada, and Japan, the workers dispatched $14.5 million, $10.6 million, $3.7 million, $60.9 million, $56.3 million, $56.3 million, and $7.1 million respectively. Remittances from South Africa during the month under review stood at $26.9 million while that from South Korea stood at $8.3 million. Similarly $72 million were received from other countries.

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