Workers' remittances rise to a record $31.2 bn in FY22

MG News | July 18, 2022 at 09:40 AM GMT+05:00

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July 18, 2022 (MLN): Workers' Remittances rose to a record $31.2bn in FY22, up by 6% YoY compared to FY21, the latest data issued by SBP showed today.

In the month of June’22, remittances continued to remain above $2 billion as they clocked in at $2.8bn, marking an increase of 18% compared to the previous month and 2% compared to June’21.

Country-wise remittances inflows during June 2022 were mainly sourced from Saudi Arabia ($666 million), United Arab Emirates ($494.7 million), United Kingdom ($454.9 million), and United States of America ($284.7 million).

During FY22, remittances increased from EU, USA, UK, and Other GCC countries by 23%, 19%, 10%, and 9% YoY respectively. Whereas, remained unchanged from Saudi Arabia, while declining by 5% from UAE.

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