ISLAMABAD:- (Eshfak Mughal)The Remittances from Saudi Arabia, United Arab Emirates (UAE) and Malaysia have decreased during March 2022 as compared to the corresponding month of last year (March 2022).
According to the State Bank of Pakistan (SBP), the overseas remittances grew by 7 percent to $22.95 billion during nine months of the current fiscal year as compared to the period of the last fiscal year.
The report shows that the remittances decreased $76 million from UAE and 16 million from Saudi Arabia during March 2022 as compared to March 2021. The remittances were recorded from UAE $525 million and $678 million from Saudi Arabia during March 2022.
Some experts believe that this decreasing trend mainly due to removing on travel ban because of corona pandemic. There is also reports that overseas Pakistanis have lost their jobs due to pandemic and they have returned in Pakistan from these countries.
The remittances from USA have increased by 21 percent to $2.21 billion from $1.83 billion during the nine months of the current fiscal year as compared to the same period of the last fiscal year. Overseas Pakistanis from United Kingdom has remitted $3.178 billion during the nine months of the current fiscal year which is 9.7 percent higher from the same period of the last fiscal year.
The overseas Pakistanis from Saudi Arabia remitted $5.81 during the nine months of the current fiscal year 1.2 percent higher than $5.84 billion during the same period of the fiscal year. The remittances from United Arab Emirates were narrowed by 5.3 percent to $4.28 billion from $4.52 during the period.
The overseas Pakistanis resident in other Gulf countries including Bahrain, Kuwait, Qatar and Oman have $2.66 billion during the first nine months of the current fiscal year which is 8.3 percent higher as compared to the same period of the last fiscal year. The Pakistanis residents in European Union countries have remitted $2.5 billion which is 28 percent higher annual basis during the period. $
The overseas remittances from Malaysia were narrowed by 31 percent to $106 million during the period on annual basis.