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 per cent over the same period last year.
However, the inflow in May was much lower than in April while it was even less than the remittances sent in May 2021. The overseas Pakistanis remitted $2.332bn in May compared to a record monthly figure of $3.125bn in the preceding month. The inflow in May 2021 was $2.506bn.
Remittances recorded at $14.2bn in 6 months, up 24.2% from last year. Interestingly, GoP full year target is $21bn, SBP $24-26bn. The current run rate indicates $28.4bn. Tangent Capital expects GDP to score 4-5%, against expectations of 2.1%
The State Bank of Pakistan (SBP) reported on Friday that the remittances during July-May FY22 were $28.4bn compared to $26.7bn in the same period of last year.
According to data released by the State Bank of Pakistan (SBP) on Friday, At $2.3bn in May, workers’ remittances have continued to remain above the $2bn mark since June 2020, and remittances’ inflows during May 2022 were mainly sourced from Saudi Arabia ($541.9 million), United Arab Emirates ($435 million), United Kingdom ($354 million) and the United States of America ($232.9 million).
On a year-on-year basis, the remittances decreased from $2.5 billion in May 2021 to $2.3 billion in the same period of the current fiscal year. On a month-on-month basis, the inflows of remittances also declined from $3.1 billion in April 2022 to $2.3 billion in April 2022.
The highest remittances of about $7.059 billion were received from Saudi Arabia during the July-May period. Inflows from the UK and US grew 8.5pc and 18.5pc to $4.025bn and $2.8bn, respectively.
