$2.70 billion received in August 2022 in form of workers’ remittances: SBP

KARACHI, Sep 13 (SABAH): The State Bank of Pakistan (SBP) has released the details of remittances sent by overseas Pakistani workers in August 2022. In August 2022, $2.70 billion were received in the form of workers’ remittances. According to SBP, in terms of growth, remittances have increased by 7.9% on a monthly basis, while on an annual basis; there has been an increase of 1.5%.

$691 million were received from Saudi Arabia in August 2022, $531.4 million from the United Arab Emirates (UAE) including Dubai, Abu Dhabi, Sharjah and others while from other Gulf countries including Bahrain, Kuwait, Qatar and Oman, 30 million dollars were received. Besides, 369.7 million dollars from the United Kingdom, 294.4 million dollars from the United States, 27 million dollars from European Union countries i.e. Germany, France, Holland, Spain, Italy, Greece, Sweden, Denmark, Iceland and Belgium were received. Moreover, $14.5 million from Malaysia, $10.6 million from Norway, $60.9 million from Australia, $56.3 million from Canada, $7.1 million from Japan, $26.9 million from South Africa, $8.3 million from South Korea, $3.7 million from Switzerland were received including 72.7 million dollars from other countries.

It is to be noted that in July 2022, the remittances of Pakistani workers were $2.52 billion, while in August last year, the remittances of workers were $2.68 billion.