Remittances fall 9.1% in October 2022, amount to $2.20 billion

The inflow of remittances in Pakistan from foreign countries fell 9.1% in October 2022 on a monthly basis to $2.20 billion.

According to the data released by the State Bank of Pakistan (SBP) on Friday, the inflow of remittances had stood at $2.4 billion in September. The remittances fell by 15.7 on a year-to-year basis, the SBP data shows.

From July to October, the cumulative remittances received by the country were $9.90 billion, which is an 8.6% drop from last year’s amount.

The highest remittances, amounting to $570.5 million were received from Saudi Arabia. The second highest was $427 million from UAE, while the third highest remittances were received from the United Kingdom which amounted to $278 million, the SBP data shows.

The country received remittances of $235 million from the United States of America (USA).

On October 30, the Finance Ministry issued the economic outlook report for October, showing a drop in remittances and imports of the country. From July-September, the country’s remittances, imports, current account deficit, and industrialization dropped, it shows.

Also Read: Remittances drop in 10 months of 2022 – Economic outlook report

According to the report, the country’s remittances dropped by 3.6% to $7.7 billion. While industrialization in the country dropped by 83.7% to $223.1, the country’s exports went up by 5.5% to $7.6 billion in the first 10 months of the year.