The amount of money that foreign workers sent home in remittances decreased by 9.5% to $2 billion in February 2023 as compared to the same month the previous year due to swings in the exchange rate, economic uncertainty, and a general lack of confidence in the system.
Remittances totaled $2.2 billion in the same month a year ago, according to figures issued by the State Bank of Pakistan (SBP) on Friday.
On the other hand, compared to the $1.9 billion reported in January 2023, these inflows increased month over month by 4.9%.
Remittances were $17.99 billion in the first eight months (July-February) of the fiscal year 2022–23, down 10.8% from $20.18 billion in the same period of FY2022.
According to a breakdown, Saudi Arabia ($454.6 million) sent the most money home in February 2023, followed by the United Arab Emirates ($324.0 million), the United Kingdom ($317.0 million), and the United States of America ($219.4 million).
