The workers' remittances have declined below $2 billion registering a sharp 13% drop on a Year-on-Year basis and 9.8% MoM compared to $2.18bn in January 2022 and $9.8bn in December 2022, respectively, reported 24NewsHD TV channel on Monday.
In April 2022, the remittances recorded an inflow of $3.12 billion; in January 2023 it was $1.89 billion, registering a 13% fall.
The remittances dropped below the $2 billion mark in May 2020 when the country received inflows amounting to $1.865 billion.
In the first seven months of FY23, workers’ remittances recorded an inflow of $16bn, down by 11% YoY compared to the same period of FY22.
Workers’ remittances recorded an inflow of US$1.9 billion during Jan 23. For detail see https://t.co/7XBd4uOcHC pic.twitter.com/f14W0Z6s5j
— SBP (@StateBank_Pak) February 13, 2023
During the month, inflows were mainly sourced from Saudi Arabia ($407.6 million), the United Kingdom ($330 million), the United Arab Emirates ($269.2 million), and the United States of America ($213.9 million).
January was the fifth successive month wherein the workers’ remittances recorded a continuous month-on-month decline in inflows mainly due to the increasing spread between official and informal channels.
Reporter Ashraf Khan