Remittances from Overseas Pakistanis - Updates

[ghazi52]

Remittances grow by 11.3pc to $15.8bn in first half

https://nation.com.pk/NewsSource/web-desk
Web Desk
8:57 PM | January 14, 2022


The workers remittances grew by 11.3 percent during the first half of the current fiscal year as compared to the corresponding period of last year, State Bank of Pakistan (SBP) reported Friday.
The workers remittances during July-December 2021-22 were recorded at $15.8 billion, according to figures released by SBP.

Meanwhile, with $2.5 billion of inflows during December 2021, workers’ remittances continued their strong impetus of remaining above $2 billion since June 2020. In terms of growth, remittances increased by 2.5% on month-on-month basis and 3.4 % on year-on-year basis in December 2021.

Remittance inflows during December 2021 were mainly sourced from Saudi Arabia ($626.6 million), United Arab Emirates ($453.2 million), United Kingdom ($340.8 million) and United States of America ($248.5 million).

The proactive policy measures by the government and SBP to incentivize the use of formal channels and altruistic transfers to Pakistan amid the pandemic have positively contributed towards the sustained inflows of remittances since last year, the SBP statement added.

The Jul-Nov FY22 data of Workers’ Remittances has been revised upward to reflect inflows into Roshan Digital Accounts (RDA) that are related to local consumption (like payment of utility bills, transfer to local PKR account, etc.)

 

[ghazi52]

Remittances decline 14.9% month-on-month, amount to $2.14bn in Jan​

• SBP data shows total workers' remittances during 7MFY22 amount to $18bn, 9.1% higher

BR
11 Feb, 2022

Remittances from overseas workers declined 14.9% month-on-month in January 2022, amounting to $2.14 billion, said the State Bank of Pakistan (SBP) on Friday.

This is the lowest monthly remittance figure since August 2020.

"At $2.14 billion in January 2022, workers’ remittances remained above $2 billion for the 20th consecutive month," said the SBP. "Remittances declined 5% compared to January 2021, partly reflecting an easing of travel restrictions.

"Compared to the previous month, they fell by 14.9% due to seasonality."

Remittance inflow during December 2021 stood at $2.5 billion.

However, during the 7 months of FY22 (July-January), remittances have risen to a record $18 billion, 9.1% higher than the same period last year, added the central bank.

Remittance inflows during January 2022 were mainly sourced from Saudi Arabia ($540 million), United Arab Emirates ($374 million), United Kingdom ($320 million) and United States of America ($208 million), data showed.

Pakistan heavily relies on remittance inflows to boost its foreign currency reserves that remain under pressure due to a high current account deficit, imports and external debt repayments.

 

[Sidacca]

In second half both eids are coming so huge inflows are expected InshAllah

 

[Pak Nationalist]

Remittances decline 14.9% month-on-month, amount to $2.14bn in Jan​

• SBP data shows total workers' remittances during 7MFY22 amount to $18bn, 9.1% higher

BR
11 Feb, 2022

Remittances from overseas workers declined 14.9% month-on-month in January 2022, amounting to $2.14 billion, said the State Bank of Pakistan (SBP) on Friday.

This is the lowest monthly remittance figure since August 2020.

"At $2.14 billion in January 2022, workers’ remittances remained above $2 billion for the 20th consecutive month," said the SBP. "Remittances declined 5% compared to January 2021, partly reflecting an easing of travel restrictions.

"Compared to the previous month, they fell by 14.9% due to seasonality."

Remittance inflow during December 2021 stood at $2.5 billion.

However, during the 7 months of FY22 (July-January), remittances have risen to a record $18 billion, 9.1% higher than the same period last year, added the central bank.

Remittance inflows during January 2022 were mainly sourced from Saudi Arabia ($540 million), United Arab Emirates ($374 million), United Kingdom ($320 million) and United States of America ($208 million), data showed.

Pakistan heavily relies on remittance inflows to boost its foreign currency reserves that remain under pressure due to a high current account deficit, imports and external debt repayments.

@Patriot forever, what did I say? PS. Bangladeshi remittances have kept rising throughout the pandemic. These did not fall.

 

[Patriot forever]

@Patriot forever, what did I say? PS. Bangladeshi remittances have kept rising throughout the pandemic. These did not fall.

Bangladesh remittances

Bro I never objected to your post, what I said was travel ban is not the only reason for increase in remittances, which is clearly evident from our remittances figures. We have done a better job in preserving our remittances than Bangladesh.

There is seasonal variation in play for Jan as well, will continue for the next couple of months. The way I see it remittances will uptick in the last quarter due to eids etc.
There are many other factors as well playing out here including global inflation ( cuts into disposable income of expatriates) + considerable decrease in the number of people who left the country for work abroad during pandemic + slowdown in construction, auto sales etc ( which attracted a lot of these remittances from abroad especially construction) due to rising input costs.

Everyone knows opening of air travel will lead to some erosion, real question is how much of an impact we will see overall, let's wait for the end of this FY than we can compare FY2021 vs FY2022.

Our remittances align much more to global commodity inflation cycle than other factors given the numbers. IMO countries where our expatriates are more better off will fare well in remittances and vice versa.

 

[ghazi52]

.

Remittances up 2% month-on-month, amount to $2.2bn in February​

• Cumulative amount for eight months of ongoing fiscal year hits $20.14 billion, up 7.6% year-on-year

BR Web Desk
10 Mar, 2022

Remittance inflows from overseas workers increased 2% month-on-month in February 2022, amounting to $2.19 billion, said the State Bank of Pakistan (SBP) on Thursday.

“With $2.2 billion of inflows during February 2022, workers' remittances continued their strong performance and have remained above $2 billion since June 2020,” said the SBP.

Remittance inflows during January 2022 stood at $2.14 billion.

“In terms of growth, during February 2022, remittances increased by 2% on MoM basis despite fewer working days.”

Inflows were 3% lower on a year-on-year basis, compared to $2.3 billion registered during February 2021.

• Remittances in February up 2% month-on-month, clock in at $2.19 billion
• Remittances in July-February up 7.6% year-on-year, clock in at $20.141 billion
• SBP governor optimistic inflow to cross $30 billion this fiscal year

However, during the eight months of FY22 (July-February), remittances have risen to a record $20.1 billion, 7.6% higher than the same period last year, added the central bank.

Remittance inflows during January 2022 were mainly sourced from Saudi Arabia ($580 million), United Arab Emirates ($387 million), United Kingdom ($319 million) and United States of America ($210 million), data showed.

SBP Governor Dr Reza Baqir, talking exclusively to Aaj News on Wednesday, had said that as per the central bank forecast, remittances are expected to cross $30 billion this fiscal year.
“Despite an increased base, remittances are witnessing positive growth,” said Baqir.
Pakistan heavily relies on remittance inflows to boost its foreign currency reserves that remain under pressure due to a high current account deficit, imports and external debt repayments.
....

 

[ghazi52]

.,.,.,

Pakistan received all-time high $2.8bn remittances in March: SBP​

Dawn.com April 14, 2022

The country received record-high remittances of $2.8 billion in the month of March, 28.3 per cent higher over last month and 3.2pc more than the same month last year, the State Bank of Pakistan (SBP) said on Thursday.

"Workers’ remittances rose to their highest level in history at $2.8 billion in March 22. Cumulatively, remittances have risen to $23 billion during the first 9 months of FY22," the central bank said.

The country-wise breakdown of remittances sent by Pakistanis working overseas. — SBP chart


"Cumulatively at $ 23bn, remittances grew by 7.1pc during first three quarters of FY22 compared with last year."

The SBP data shows that remittances from the entire Arab region have recorded significant growth.

"Remittances inflows during March 2022 were mainly sourced from Saudi Arabia ($678mn), United Arab Emirates ($515mn), United Kingdom ($401mn) and the United States of America ($300mn)," the SBP added.
..,

 

[Patriot forever]

.,.,.,

Pakistan received all-time high $2.8bn remittances in March: SBP​

Dawn.com April 14, 2022

The country received record-high remittances of $2.8 billion in the month of March, 28.3 per cent higher over last month and 3.2pc more than the same month last year, the State Bank of Pakistan (SBP) said on Thursday.

"Workers’ remittances rose to their highest level in history at $2.8 billion in March 22. Cumulatively, remittances have risen to $23 billion during the first 9 months of FY22," the central bank said.

The country-wise breakdown of remittances sent by Pakistanis working overseas. — SBP chart


"Cumulatively at $ 23bn, remittances grew by 7.1pc during first three quarters of FY22 compared with last year."

The SBP data shows that remittances from the entire Arab region have recorded significant growth.

"Remittances inflows during March 2022 were mainly sourced from Saudi Arabia ($678mn), United Arab Emirates ($515mn), United Kingdom ($401mn) and the United States of America ($300mn)," the SBP added.
..,

But American money is better: DGISPR

Hamara mulk sahi simt ja raha tha before this NRO 2 for dollars

Hum ki ghaddar hain is mulk kay bus

 

[ghazi52]

.,.
Remittances crossed the monthly mark of US $3 billion for the first time. Cumulatively, at $26.1 billion, remittances grew by 7.6 % in the ten months of FY22 compared to last year.

 

[ghazi52]

.,,.
The remittances sent by overseas Pakistanis have surged to an all-time high of Rs. 31.2 billion, up by 6 percent in the outgoing financial year 2021-22, as compared to the $29.4 billion reported in the previous financial year.

 

[ghazi52]

,.,.

July ITeS export remittances decline over 15pc to $199m MoM​

Tahir Amin

ISLAMABAD: The IT and IT-enabled Services (ITeS) export remittances comprising computer services and call center services declined by 15 percent on month-on-month (MoM) in July 2022 and remained $ 199 million compared to $ 235 million in June 2022, says the State Bank of Pakistan (SBP).

However, on a year-on-year (YoY) basis, the sector exports remittances increased by 1.5 percent when compared to $ 196 million in July 2021.

The ICT export remittances, including telecommunication, computer and information services reached an all-time high of $ 2.616 billion a growth rate of 47.43 percent during the fiscal year 2021-22, in comparison to $ 2.108 billion during the fiscal year 2020-21.

Federal Minister for Information Technology and Telecommunication Syed Amin Ul Haq has stated that the government is taking all possible steps to ensure long-term IT industry growth trajectory and to enhance IT industry exports to $ 5 billion by 2023, while the same will be increased to $ 15 billion in the next few years.

The government is evaluating attractive incentives for the industry such as regulatory reforms and tax exemptions. Certain other recommendations are also under consideration. Moreover, Cyber Security Policy and Personal Data Protection have also been finalised, the minister said.

The spokesperson of the ministry stated that more than 6,000 Pakistan-based IT companies were providing IT products and services to entities in over 100 countries.

Copyright Business Recorder, 2022

 

[ghazi52]

According to data provided by the State Bank of Pakistan, during Sep 22, workers’ remittances recorded an inflow of US$2.4 billion, indicating a decrease by 10.5 percent over the previous month.

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[ghazi52]

.,.,
South Asia Remittances Growth (December, 2022)

Sri Lanka : ..........46%
India ................. 12% (estimate by govt)
Bangladesh ..... 4.23%
Pakistan ...... -19%

 

[Ali_Baba]

.,.,
South Asia Remittances Growth (December, 2022)

Sri Lanka : ..........46%
India ................. 12% (estimate by govt)
Bangladesh ..... 4.23%
Pakistan ...... -19%

No other way than to say this is due to the political engineering attempts of GHQ ... the data shows this - no room for confusion.

 

[FuturePAF]

No other way than to say this is due to the political engineering attempts of GHQ ... the data shows this - no room for confusion.

Does the Sri Lanka data show that once some political stability returned, people were ready to send back remittances in a big way? Should be inspiration for a plan PTI should build.