Remittances from US rise 3% in first eight months of FY23

Remittances from Pakistanis working in the US have recorded an annual growth of 3% in the first eight months of the current fiscal year.

According to the data released by the State Bank of Pakistan, Pakistanis working in the United States sent $1.973 billion in foreign exchange to the country between July 2022 and February 2023.

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This amount is 3% more than the figure from the same period in the previous fiscal year.

In the period under review from the last fiscal year, the American-Pakistanis remitted $1.917 billion in foreign exchange to the country.

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In February, the volume of remittances from the US was recorded at $219 million, which is 4% more than the amount sent in February last year.

In February last year, the volume of remittances from America was recorded at $211 million. Compared to January, the remittances from the US in February recorded a 3% increase on a month-on-month basis.

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In January, Pakistanis working in the US sent $214 million in foreign exchange to the country, which increased to $219 million in February.