In line with expectations, the flow of workers’ remittances sent by overseas Pakistani increased by 8%, to $2.72 billion in August, the State Bank of Pakistan reported on Tuesday.
\nRemittance inflows during August were mainly sourced from Saudi Arabia ($691.8 million), United Arab Emirates ($531.4 million), United Kingdom ($369.7 million) and the United States ($294.4 million), the SBP said.
\nThe end of the holiday season helped increase the inflows in August.
\nRemittances had dropped by 9%, to $2.52 billion, on a month-on-month basis in July due to a lower number of working days in the month.
\nThe financial markets in Pakistan and in the Gulf countries had remained closed for approximately half of the month because of Eidul Azha holidays, Hajj holidays in Saudi Arabia, and the closure of businesses due to heavy monsoon rainfall in Pakistan.
\nInflows are also up by 1.5% in August, compared to $2.68 billion in the same month of the previous year, the central bank said.
\nCumulatively, in the first two months (July and August) of the current fiscal year, the remittances were recorded at $5.24 billion. They are 3% lower compared to the $5.42 billion during the same period last year.
\nA large number of remittances come from the Gulf countries where majority of Pakistani expatriates work, including Saudi Arabia and the UAE.
\nGoing forward, the inflows should remain steady at around $2.70 billion as Gulf economies remain healthy. Higher prices of oil prices kept the Arab economies robust, as most of them produce and export oil.
\nHowever, the recession in Europe may impact the remittance inflow to Pakistan.<\/p>\n","protected":false},"excerpt":{"rendered":"
In line with expectations, the flow of workers’ remittances sent by overseas Pakistani increased by 8%, to $2.72 billion in August, the State Bank of…<\/p>\n","protected":false},"author":1,"featured_media":518,"comment_status":"registered_only","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[16],"tags":[],"class_list":["post-517","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"aioseo_notices":[],"jetpack_publicize_connections":[],"_links":{"self":[{"href":"https:\/\/www.diplomacypakistan.com\/index.php?rest_route=\/wp\/v2\/posts\/517","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.diplomacypakistan.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.diplomacypakistan.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.diplomacypakistan.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.diplomacypakistan.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=517"}],"version-history":[{"count":0,"href":"https:\/\/www.diplomacypakistan.com\/index.php?rest_route=\/wp\/v2\/posts\/517\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.diplomacypakistan.com\/index.php?rest_route=\/wp\/v2\/media\/518"}],"wp:attachment":[{"href":"https:\/\/www.diplomacypakistan.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=517"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.diplomacypakistan.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=517"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.diplomacypakistan.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=517"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}