KARACHI: According to the most recent data released by the central bank on Tuesday, remittances from Pakistanis living abroad increased 8% month over month to $2.7 billion in August 2022.Following the normalisation of the number of working days each month, which caused a fall in July, remittances saw a modest gain.
The State Bank of Pakistan (SBP) reports that the amount of remittances that Pakistanis living abroad sent home in August increased by 1.5% over the previous year and 7.9% over the previous month.
Receptions stayed above the $2 billion mark for the 27th consecutive month, it should be emphasised.The amount of remittances received in the first two months of the current fiscal year 2022–23 fell by 3% year over year to $5.25 billion.
Dr. Khaqan Najeeb, a former counsellor to the finance ministry, claimed that Pakistan’s remittances were a significant source of funding for the growing trade deficit.
The increase in worker remittances to $2.72 billion, up 7.9% from July and only marginally up 1.5% from the same month last year, was described as “heartening” by the speaker.
Dr. Najeeb emphasised the need to keep in mind that remittances from July through August were 3.2% lower than they were during the same time last year.The trend, he said, “is one that the government must take into account and boost Pakistan Remittance Initiative, maintain seamless and prompt flows of cash, and most crucially keep a watch on the disparity of interbank and open market rupee rate.”
