• Total Remittances in FY2022 reaches record $31.2 billion

State Bank of Pakistan (SBP) has stated that Foreing remittances for the month of June-2022 touched US$2.8bn, up by 2% YoY. This led to cumulated figure of US$31.2bn during FY2022, up by 6% YoY, marking a fresh high.

Foreign Remittances have remained well above the $2 billion mark since Jun’2020. On sequential basis, remittances increased by 18% from previous month.
During FY22, remittances were recorded at US$31.2bn compared to US$29.5bn in FY2021.

On Yearly basis, Foreign remittances rose by 19/16/6/3% from UK/USA/Other GCC/EU regions respectively. Pertinent to mention is that remittances from UAE/Saudi Arabia declined by 11//3% YoY in June-2022.
On Monthly basis, higher remittances were recorded from UK/KSA/USA/Other GCC/UAE, marking an increase by 28/23/22/20/14%.
During FY22, remittances increased from EU/USA/UK/Others/Other GCC by 23/19/10/10/9% YoY.

Economists had previously forecasted dip in foreign remittances for Pakistan as COVID19 related restrictions ease out and Travel opens up for normality. However, remittances remained resilient and posted all time high level.

Foreign Remittances for FY2023 is expected to increase mildly near $32bn to $33bn.

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