Foreign remittances dips by 19% to $2bn in July

Foreign remittances dips by 19% to $2bn in July

Karachi: Pakistan’s foreign remittances during the first month of current fiscal year dropped by 19.3% year-on-year to $2 billion.

According to data released by the State Bank of Pakistan, the remittance inflows have also witnessed a reduction of 7.3% on a month-on-month basis, The News reported. The country, in July, received $2.2 billion in remittances from Pakistanis living abroad.

Last month, the remittance inflow was mainly sourced from Saudi Arabia ($486.7 million), United Arab Emirates ($315.1 million), the United Kingdom ($305.7 million), and the United States of America ($238.1 million), respectively.

Analysts said that persistent devaluation of rupee and political uncertainty were discouraging investment by overseas Pakistanis.

The release of the remittances statistics came after the International Monetary Fund (IMF) last month approved a new $3 billion bailout for the faltering economy of the nation, which was dangerously near to defaulting on its debt.