Workers' remittances drop to $2.2bn in April

May 10, 2023 (MLN): Workers' remittances for the month of April 2023 registered a drop of 12.8% or $326 million MoM $2.21 billion, compared to $2.53bn in March 2023, data issued by SBP revealed today. 

Similarly, on a yearly basis, the remittances have plunged by 29.25% YoY or $914mn as compared to $3.12bn in April 2022. 

It is pertinent to note that during the previous month (March), workers' remittances registered an increase to 27.41% MoM $2.53bn due to Ramadan and Eid festivities, during which the Pakistani diaspora had demonstrated their affection for their loved ones by sending money back home.

The inflows mainly came from Saudi Arabia, the United Arab Emirates, the United Kingdom, and the United States of America, with Saudi Arabia being the largest contributor at $563.6 million.

It is worth noting that the cumulative inflow for the ten months of FY23 clocked in at Rs22.74bn, plummeting by 13% YoY compared to the same period last year.

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