Highest USD28b Remittances Received in 11 Months of Fiscal Year 2022

The State Bank of Pakistan (SBP) issued a report on Friday that the remittances during the first 11 months of the outgoing fiscal year have crossed $28 billion which is the highest ever. A 6.3 percent increase in remittances compared to the same period of the last fiscal year is a positive sign for the growth of Pakistan. The worker's remittances have been over USD 2 billion continually since June 2020. The $ 2.80 billion for the month of March 2022 has been the highest in the 11 months of the outgoing fiscal year.

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As per details the $7.09b from KSA is the highest figure of inflows. The remittances from the United Kingdom in the ongoing fiscal year remained at $4.025 billion showing an increase of 15 percent an n inflow of $ 2,8 billion from the USA was also recorded that showing an increase of 8 percent. However, the remittances in May remained much lower compared with the preceding month as well as the same month of the last fiscal year mainly because of the post-Eid decline that usually happens. KARACHI: Pakistan received a record over $28 billion in remittances during the first 11 months of the outgoing fiscal year, showing an increase of 6.3 percent over the same period last year.

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The record inflows will definitely reduce pressure on Pak Rupee and the government would be able to reduce the gap between imports and exports. The current account deficit in the first 11 months of the year has risen beyond $ 15 billion. According to the SBP, the overseas Pakistanis have been sending more remittances since the outbreak of the coronavirus and the monthly figure of the inflows remained above $ 2 billion since June 2022. Recently the inflows from European countries also reached $2.504 billion.