ISLAMABAD: October 12, 2022: Slow down in remittances has rung a alarm bell for the economic wizards of the Shahbaz government . A big downfall in remittances in the current calendar year as compared to the last one shows a fundamental factor that expatriate Pakistanis may not be able to send fund as much as they used to send in pervious years due to slow down of the global economy.
The policy makers should take the new phenomenon in to account and find other channels to make up shortfall Pakistan is facing in remittances
According to a State Bank of Pakistan (SBP) the workers’ remittances recorded an inflow of US$ 2.4 billion during September 2022. The last month remittances showed decrease by 10.5 percent on m/m
and by 12.3 percent on y/y basis.
With cumulative inflow of US$ 7.7 billion during Jul-September FY23, the remittances decreased by 6.3 percent as compared to the same period last year.
The remittances inflow during September 2022 were mainly sourced from Saudi Arabia ($616.6 million), United Arab Emirates ($474.3 million), United Kingdom ($307.8 million) and United States of America ($268.1 million).