KARACHI. August 24, 2022. Major decline in workers remittances in July this year is a worrisome factor for Pakistan. The official statistics suggested decline of 8.5 % in workers remittances against the same month of the last year.
Pakistan heavily depends on workers remittances and sudden decline in them is alarming.
Workers’ remittances recorded an inflow of US$2.5 billion during July 22, continuing their
record streak of above $2 billion for the 26 consecutive months.
In terms of growth, during July 2022, remittances decreased by 8.6 percent on a m/m and of
7.8 percent on y/y basis. This decrease largely reflected the lower number of working days in
July as a result of Eid, at 17 working days compared to 22 last month and 18 in July 2021.
Remittances inflows during July 2022 were mainly sourced from Saudi Arabia ($580.6 million),
United Arab Emirates ($456.2 million), United Kingdom ($411.7 million) and United States of
America ($254.3 million).
