Why Are Pakistan's Remittances Falling? | Here's Why | Dawn News English скачать в хорошем качестве

Why Are Pakistan's Remittances Falling? | Here's Why | Dawn News English

Remittances continue to decline. In July-October this year, these remittances fell to $9.9 billion, down 8.6 per cent from $10.827bn in July-October last year. If the declining trend continues, total remittances in FY23, ending in June, would remain close to $30bn, lower than the $31bn that flowed in FY22. That may frustrate hopes of keeping FY23’s current account deficit somewhere around $10bn, more so if stagnant exports don’t grow much in the remaining eight months of the fiscal year. In the first four months of the year (July-October), merchandise exports grew just about 1pc to $9.549bn. Remittances from Saudi Arabia, UAE, UK and US make up 68.5pc of Pakistan’s yearly remittances. But lately, remittances from the first three countries, with a share of 57.7pc in the total pie, have been falling with little chance of a reversal of this trend, primarily due to economic and expatriate labour market conditions of host countries. Overseas Pakistanis working in Saudi Arabia, UAE and UK are sending less foreign exchange back home than last year. During July-October this year, remittances from these countries fell by 11.7pc, 9.2pc and 8.3pc, respectively, according to the State Bank of Pakistan (SBP). Official Facebook:   / dawndotcom   Official Twitter:   / dawn_com   Website: www.dawn.com Official Instagram:   / dawnnewsenglish   #dawnnewsenglish #dawnnews #dawn #pakistan #pakistannews #englishnews #businessnews #news