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

Between July 2022-February 2023, US-Pakistanis sent $1.973bn compared to $1.917bn in same period last fiscal year
<p>Photo: Online file</p>

Photo: Online file

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.

Also Read: Remittances see slight increase, as Ramazan draws close

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.

Also Read: China rolls over $2 billion deposits as Pakistan struggles to secure IMF deal

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.

Also Read: SBP-held foreign reserves increase $280m, now stands at $4.6b

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




foreign exchange

United States

dollar reserves


Tabool ads will show in this div