BUSINESS:As exchange rate fluctuations, economic uncertainty, and a lack of trust in the system continued to encourage the use of illegal channels, remittances sent home by overseas workers decreased by 9.5% to $2 billion in February 2023, year over year.
Remittances totaled $2.2 billion in the same month last year, as reported by the State Bank of Pakistan (SBP) on Friday.
However, compared to $1.9 billion in January 2023, these inflows increased by 4.9 percent month-over-month.
The first eight months of fiscal year 2022-23, July through February, saw remittances of $17.99 billion, a decrease of 10.8 percent from the same period in FY2022, when remittances were $20.18 billion.
According to a breakdown, Saudi Arabia sent the most money home in February 2023—454.6 million dollars—then the United Arab Emirates ($324.0 million), the United Kingdom ($317.0 million), and the United States of America ($219.4 million).