• Download the Constitution of Pakistan
  • Advertise
WRITE FOR US
Economy.pk
No Result
View All Result
  • Economy
  • Politics
  • Technology
  • Education
  • Life & Style
  • Health
  • World
  • Videos
  • Economy
  • Politics
  • Technology
  • Education
  • Life & Style
  • Health
  • World
  • Videos
No Result
View All Result
Economy.pk
No Result
View All Result
Home Finance

Pakistan Receive Record $28.4bn remittances

by Suneela Zulfiqar
June 11, 2022
in Finance
Reading Time: 2 mins read
Remitta­nces sent by overseas Pakistani fell below $2 billion in January
Share on FacebookShare on Twitter

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.

Tags: latestPakistanremittancesState Bank of Pakistan
Suneela Zulfiqar

Suneela Zulfiqar

Related Posts

SBP Foreign exchange reserves fall by $6 million

SBP Foreign exchange reserves fall by $6 million

The State Bank of Pakistan (SBP) reported a decrease of $6 million in foreign exchange reserves, bringing the total to...

SBP Provides Clarification on Rs75 Commemorative Banknote Demonetization

SBP Provides Clarification on Rs75 Commemorative Banknote Demonetization

State Bank of Pakistan (SBP) Clarifies Rumours Regarding Demonetization of Rs75 Commemorative Banknote In response to the circulating rumors suggesting...

ECC approves Rs261m for Railway underpass

ECC approves Rs261m for Railway underpass

The Cabinet's Economic Coordination Committee (ECC) approved Rs261 million for the construction of the Railway Underpass Jahanian, District Khanewal. The...

Golden Jubilee of Constitution: SBP launches Commemorative Coin of Rs50

Golden Jubilee of Constitution: SBP launches Commemorative Coin of Rs50

In order to commemorate the Constitution's promulgation 50 years ago, the State Bank of Pakistan (SBP) will release a commemorative...

The private sector experiences a 74% decrease in bank lending

The private sector experiences a 74% decrease in bank lending

Due to an uncertain situation brought on by the ongoing political and economic instability, the private sector is now forced...

Bullish Momentum Continues at Bourse as KSE-100 Index Surges Over 400 Points

Bullish Momentum Continues at Bourse as KSE-100 Index Surges Over 400 Points

The Pakistan Stock Exchange (PSX) witnessed a positive momentum as the KSE-100 Index was traded above the 40,000 level during...

Next Post
Rs3.47 billion allocated for sports sector

Rs3.47 billion allocated for sports sector

Recent Posts

  • Jahangir Tareen likely to ‘announce new political party in 72 hours’
  • 10 Renowned Celebrities Who Are Hafiz-e-Quran in Real Life
  • FM Ishaq Dar says around 21% banks become Shariah-compliant
  • ICC officials in Pakistan to ensure ODI World Cup 2023 participation
  • Surah Rahman recited during inauguration of India’s new parliament

Advertisement

Twitter

Economy.pk

Economy.pk is a source of economic, political, business, finance, health and sports updates.

Categories

  • Economy
  • Politics
  • Technology
  • Education
  • Life & Style
  • Health
  • World
  • Videos

Privacy & Legal

  • Privacy Policy
  • Cookies

Social Media

  • Facebook
  • Instagram
  • Twitter
  • Linkedin
  • About
  • Advertise
  • Contact

© 2023 Economy.pk

No Result
View All Result
  • VIDEOS
  • World
    • Europe
    • Americas
    • Asia
    • Oceania
    • Africa
    • Middle East
  • Finance
  • Politics
  • Business
    • Economy
    • Finance
    • Entrepreneurship
    • Real Estate
  • Technology
    • Cyber Security
    • Mobiles
    • Social Media
  • Education
  • Sports
  • Life & Style
    • Personalities
    • Art
    • Culture
    • History
    • Entertainment
    • Fashion
    • Food
    • Health
      • Environment
      • Fitness
  • Sponsored

© 2023 Economy.pk