KARACHI, August 16(ABC): In line with the trend over the past many months, workers’ remittances stayed above $2 billion in July 2022 despite a decline of over 8% on a month-on-month basis
According to data released by the State Bank of Pakistan (SBP) on Tuesday, the remittances sent home by overseas Pakistanis declined by 8.6% (month-on-month) and 7.8% (year-on-year) to $2.5 billion in July.
This was the 26th successive month in which receipts remained above the $2 billion threshold, SBP reported.
The central bank attributed the decline to fewer working days during the first month of the fiscal year 2022-23.
“This decrease largely reflected the lower number of working days in July as a result of Eidul Adha, at 17 working days compared to 22 last month and 18 in July 2021,” it noted.