According to recent reports, the remittances accumulated by Pakistan in the outgoing financial year 2021-22 have surpassed an all-time high of $31.2 billion, up by 6 percent as compared to the $29.4 billion reported in the previous financial year. The remittances from Saudi Arabia stood at the highest level of $7.74 billion, with a slight increase from last year.
As anticipated, remittances in FY22 rose to a record $31.2 bn, up 6% compared to FY21. In June, they rose to $2.8 bn, increasing by 18% compared to May 22 and 2% compared to Jun 21. See: https://t.co/7XBd4uNES4
Visit #EasyData to view interactive chart https://t.co/bOIQjODIsE pic.twitter.com/Hrj8fiXNjy— SBP (@StateBank_Pak) July 18, 2022
Remittances Acquired from EU Nations Totaled to $3.3 Billion in FY22
Remittances obtained from the UAE were recorded at $5.8 billion in FY22 as compared to $6.1 billion reported in FY21. The remittances from the Gulf countries (Bahrain, Qatar, Kuwait, and Oman) were $3.6 billion in FY22 as compared to the $3.3 billion reported in FY21. The remittances from the EU nations had handsome inpourings of $3.3 billion in FY22 as compared to the $2.7 billion reported in FY21.
Moreover, according to the State Bank of Pakistan (SBP), workers’ remittances increased to a record-high in FY22. As expected, the remittances in FY22 increased to a record $31.2 billion, up six percent as compared to FY21. They rose to $2.8 billion this June, rising by 18 percent as compared to May 22, and two percent as compared to June 21. The remittances rose to $2.76 billion in June this year, increasing by 18.4 percent on a month-on-month (MoM) basis, and 1.7 percent on a year-on-year (YoY) basis.
Government of Pakistan Has Taken Several Measures to Increase the Collection of Remittances
They were primarily sourced from Saudi Arabia ($666 million), the UAE ($495 million), the UK ($455 million), and the USA ($285 million). Cumulatively, the remittances increased to a record $31.2 billion in FY22, growing by 6.1 percent compared to FY21. The increasing inflows were due to several measures taken by the government and the banking regulator, comprising the launching of the Roshan Digital Account and incentives to overseas Pakistanis, banks, and exchange companies for increased collections of remittances.
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