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Pakistan Reader# 640, 11 August 2023

Fall in remittances



Major countries such as Saudi Arabia, UK, USA, and UAE have given low rates of remittances for the month of July.

Shamini Velayutham

The State Bank of Pakistan reported that worker remittances decreased as the new fiscal year began. This is despite the fact that more Pakistani employees have left the country. According to analysts, this can be attributed to a number of factors, including political and economic unpredictability. Major countries such as Saudi Arabia, UK, USA, and UAE have given low rates of remittances for the month of July. The following are the detailed statistical data as per the remittance rate of the country.
 
In May 2023, Saudi Arabian expatriates from Pakistan sent the single-largest sum, totaling USD 524 million. From USD 434.3 million in May 2022 to USD 335.8 million in May 2023, United Arab Emirates inflows experienced a dramatic reduction of 23 per cent. The United Kingdom experienced a decrease of 14 per cent from USD 358.5 million in May 2022, with remittances totaling USD 306.5 million for the month. Additionally, USD 257.2 million was sent in May 2023 in remittances from Pakistanis living abroad in the US.

Remittance inflows during July were mainly sourced from Saudi Arabia worth USD 486.7 million, United Arab Emirates worth USD 315.1 million, the United Kingdom worth USD 305.7 million, and the United States of America worth USD 238.1 million. Due to loan repayments, the SBP's foreign exchange reserves decreased from USD 110 million to USD 8.04 billion during the end of the week on 04 August.

References
(Shahid Iqbal “Fiscal year opens with fall in remittances” Dawn, 10 August 2023;
“Workers’ remittances drop 19pc to USD 2bn in July” The International News, 10 August 2023;
Press Release of Workers’ RemittancesState Bank of Pakistan,10 August 2023)

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