The wave of $2 billion monthly worker remittances since June 2020 broke in January 2023. According to the State Bank of Pakistan (SBP), workers’ remittances in January 2023 were $1.89 billion.
Saudi Arabia received the lowest remittances since June 2019, 15 percent less worker remittances from Saudi Arabia in January at $40.76 million.
The State Bank says that workers’ remittances from the United Arab Emirates (UAE) fell 15 percent to $26.92 million in January.
In the first seven months of this financial year, $16 billion has been remitted at a monthly average rate of $2.28 billion.
Workers’ remittances for the first seven months of this financial year remained low by 11 percent.
In January 2023, one billion 894 million dollars were remitted by Pakistanis abroad.
According to the State Bank, in December 2022, 2 billion 12 million dollars were sent from abroad.
In January, the remittances sent from abroad decreased by 13.14%.
State Bank says that 16 billion 42 million dollars were sent from abroad in the last 7 months.
In the same period last year, 17 billion 987 million dollars were sent from abroad.
According to the Central Bank, remittances from abroad decreased by 11% during the last 7 months.