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Pakistan foreign remittances face a big setback

Zibago

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Pakistan foreign remittances face a big setback
11 Nov, 2022






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Pakistan foreign remittances face a big setback




The decline of foreign emittances sent home by overseas Pakistanis continued for the second successive month-on-month in October as the foreign remittances declined by over 9% to clock in at $2.2 billion, according to data released by The State Bank of Pakistan Friday.

The remittances were 15.7% lower than the $2.62 billion sent home from abroad in the same period of the previous fiscal year.



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However, remittances declined by 9% on a year-on-year basis to $9.9 billion in four months (July-October) of the current fiscal year 2022-23.















Pakistanis residing in Saudi Arabia remitted the largest amount of $570.5 million in October 2022. However, it was 7.47% lower than the $616.86 million received in September 2022.


Expatriates in the UAE sent home 9.97% less amount as receipts declined from $474.3 million to $427 million.




Remittances from overseas Pakistanis in the UK dropped 9.42% to $278.8 million. They sent $307.8 million in September.


Remittances from other Gulf Cooperation Council (GCC) countries decreased by 12.64% to $258.3 million and a 10.36% decrease was recorded in inflows from European countries, which clocked in at $232.7 million in the month under review compared to September.
 

-blitzkrieg-

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Excellent news... Don't give overseas Pakistani the right to vote... Starve.
Actually the drop is a good thing. still pretty insignificant as the remittances are expected to come back up.
This cashinflow has made governments think they are entitled for it..
 
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Salza

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still too much, under this corrupt imported govt, Pakistanis should send money back when really required
 

Corruptistan

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Expat Pakistanis (at last) realizing that a Pakistan led by the "neutrals" in its current form has no future and that outside of sending money to directly aid their families back home, any kind of investments in Pakistan (for now at least) is mostly a lost cause.

That combined with the diminishing numbers of Pakistani expats in the GCC and expats as a whole in those countries, in particular KSA, is moving full ahead on their Saudization project that is about decreasing reliance on expat workers.

I wonder what the "neutrals" are going to do when the remittances become a side note for the Pakistani economy some time in the future? Now one could easily say that remittances are one of the largest incomes for the neutrals and the state as such.

For each new generation abroad, in particular in the West, the less connection children or grandchildren of Pakistani migrants/immigrants will have to Pakistan. Whole families/extended families are now living in the West for a very long time. At one point in time, extended family in Pakistan itself will become so extended, that the direct family ties to Pakistan proper, will be severely limited or non-existent.

Then what? Will the "neutrals" and their henchmen continue to beg for funds from the Arabs, Chinese and nowadays the Americans (their overlords)? How much more will they sell out of Pakistan and Pakistani interests for a few more dollars?
 

alphapak

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overseas Pakistanis should give 50% less now.. these low level PDM stooges took our voting rights, they need to pay for it.

I have stopped sending any money to Pakistan since the regime change. Only donated twice for flood victims
to NGO's.
 

HAIDER

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Pakistan foreign remittances face a big setback​

11 Nov, 2022






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Pakistan foreign remittances face a big setback




The decline of foreign emittances sent home by overseas Pakistanis continued for the second successive month-on-month in October as the foreign remittances declined by over 9% to clock in at $2.2 billion, according to data released by The State Bank of Pakistan Friday.

The remittances were 15.7% lower than the $2.62 billion sent home from abroad in the same period of the previous fiscal year.



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However, remittances declined by 9% on a year-on-year basis to $9.9 billion in four months (July-October) of the current fiscal year 2022-23.
















Pakistanis residing in Saudi Arabia remitted the largest amount of $570.5 million in October 2022. However, it was 7.47% lower than the $616.86 million received in September 2022.


Expatriates in the UAE sent home 9.97% less amount as receipts declined from $474.3 million to $427 million.




Remittances from overseas Pakistanis in the UK dropped 9.42% to $278.8 million. They sent $307.8 million in September.


Remittances from other Gulf Cooperation Council (GCC) countries decreased by 12.64% to $258.3 million and a 10.36% decrease was recorded in inflows from European countries, which clocked in at $232.7 million in the month under review compared to September.
people getting 260 in black market, why should they send money from banking channels/ 222 ....
 

RiazHaq

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Quite surprising, given that India's remittances are expected to grow at 5% and cross USD 100 billion this year. @RiazHaq

Regards

A month or two don't a trend make! Long term trend is up, especially after the end of covid restrictions and Pakistan's overseas migration returning to over 65,000 a month.



Nearly 700,000 Pakistanis have left to work overseas in the first 10 months of the current calendar year, according to Pakistan's Bureau of Emigration Overseas Employment (BEOE). The worker migration from Pakistan had dipped to 225,000 in 2020 and 280,000 in 2021 due to Covid restrictions around the world. The yearly average for the last decade was over half a million Pakistanis migrating to other countries for work. In August this year, the State Bank of Pakistan said in its "Half Year Report 2021-22" that “(t)he monthly flow of Pakistani workers (overseas) has reverted to pre-Covid levels (of 65,000 per month).” The data from International Organization for Migration (IOM) shows that a lot more of the Pakistan migrants are now skilled labor while the share of unskilled migrants is declining: "Pakistani migrant workers were skilled (42%) and involved in semi-skilled jobs such as welders, secretaries, masons, carpenters, plumbers and so on. Another proportion of the labour migration was composed of unskilled laborers (39%) such as agriculturists, laborers or farmers. Projections about future trends indicate that the number of Pakistani labour migrants will continue rising to reach 15.5 million in 2020 (Government of Pakistan, 2018". Larger and increasingly higher skilled diaspora is expected to sustain double-digit annual growth in overseas worker remittances to Pakistan.







Demographic Dividend:


With rapidly aging populations and declining number of working age people in North America, Europe and East Asia, the demand for workers will increasingly be met by major labor exporting nations like Bangladesh, China, India, Mexico, Pakistan, Russia and Vietnam. Among these nations, Pakistan is the only major labor exporting country where the working age population is still rising faster than the birth rate.

Over 10 million Pakistanis are currently working/living overseas, according to the Bureau of Emigration. Before the COVID19 pandemic hit in 2020, more than 600,000 Pakistanis left the country to work overseas in 2019. Nearly 700,000 Pakistanis have already migrated in this calendar year as of October, 2022. The average yearly outflow of Pakistani workers to OECD countries (mainly UK and US) and the Middle East was over half a million in the last decade.
 

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