Remittances from overseas Pakistani workers decrease 10.5% in September

Remittances sent by overseas Pakistani workers decreased 10.5 per cent in September 2022 on a month-on-month basis, the State Bank of Pakistan has said.

The workers' remittances recorded an inflow of $2.4 billion in September as compared to the previous month's figure of $2.7 billion, the central bank said in its official data on Tuesday, adding that it decreased by 12.3 per cent on a year-on-year basis, Xinhua news agency reported.

With a cumulative inflow of $7.7 billion during the July-September period in the fiscal year of 2023, the remittances decreased by 6.3 per cent as compared to the same period last year, the figures showed.

In September, the remittances mainly came from Saudi Arabia with $616.6 million, the UAE with $474.3 million, the UK with $307.8 million, and the US with $268.1 million, according to the bank.

Workers' remittances play an important role in Pakistan's economy as they are one of the major sources of foreign exchange.

--IANS

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