Remittances from Overseas Pakistanis - Updates

[RazPaK]

Dear, The picture you are presenting is "slightly" exaggerated.

When you say " in order to get anything done, " it is a very broad term. Nonetheless, in most cases it us, the common middle class fella, who gets screwed over, be it transferring a property, registering your car, getting any utility meter, and so on....

The deep rot, is so deep, that only a selected few are above it.

Now coming to "remittances," I'm not clear as to what your definition is, but mine is what I, and those like me do, send money home so medical bills can be paid, kids can go to good school, and most importantly a roof over their heads.

So when people say, stop sending remittances, my question is, then who will look after my loved ones? I can't stop supporting my family because it hurts someones political agenda. It's as simple as that.

Now if you can provide a reasonable alternative, I'm all ears.

I think we are saying the same thing. Our loved ones back home are leveraged against us as a bargaining chip, or even used to blackmail us.

 

[ghazi52]

Pakistan’s remittances jump to $3bn in March, up 31.3% MoM​

• On year-on-year basis, inflow increases 16.4%

BR Web Desk
April 8, 2024

Inflow of overseas workers’ remittances significantly increased to $3 billion in March 2024, 31.3% higher on a month-on-month (MoM) basis when compared to $2.25 billion in February 2024, showed data released by the State Bank of Pakistan (SBP) on Monday.

On a yearly basis, the monthly inflow of remittances registered an increase of 16.4% as it stood at $2.54 billion in the same month of the previous year, data showed.

Home remittances play a significant role in supporting the country’s external account, stimulating Pakistan’s economic activity as well as supplementing the disposable incomes of remittance-dependent households.

During first nine months of FY24, workers’ remittances recorded an inflow of $21.0 billion, an increase of 0.9% as compared to $20.8 billion remittances recorded during 9MFY23.

Breakdown

Overseas Pakistanis in Saudi Arabia maintained their top spot, remitting the largest amount in March 2024 as they sent $703.1 million during the month. The amount increased by 30% on a monthly basis and 24% YoY.

Inflows from the United Arab Emirates (UAE) saw a jump of 43% on a monthly basis, from $385 million in February to $548 million in March. On a yearly basis, the remittances registered an increase of 34%, as compared to $410 million reported in the same month last year.

Pakistan’s remittances clock in at $2.4bn in January, up 26% YoY

Remittances from the United Kingdom amounted to $462 million during March, an increase of 33% as compared to $346 million in February 2024.

Remittances from the European Union surged 19% on a monthly basis and improved 6% year-on-year as they amounted to $315 million in March 2024.

Overseas Pakistanis in the US sent $373 million in March 2024, a year-on-year increase of 18% and 30% MoM.

 

[Pakistan Ka Beta]

During March 2024, workers’ remittances recorded an inflow of $3.0 billion showing an increase of 31.3% on m/m basis and 16.4% on y/y basis.
For details see https://bit.ly/3RI2lhK
https://www.sbp.org.pk/ecodata/Homeremit.pdf
#SBPRemittances


مارچ 2024ء میں کارکنوں کی ترسیلاتِ زر کی مد میں 3.0 ارب ڈالر کی رقم آئی۔

• نمو کے لحاظ سے مارچ 2024ء کے دوران ترسیلاتِ زر میں ماہ بماہ بنیاد پر31.3 فیصد اور سال بسال بنیاد پر 16.4 فیصد کا بڑا اضافہ ہوا۔

• مالی سال 24ء کے پہلے نو مہینوں کے دوران کارکنوں کی ترسیلاتِ زر کی مد میں21.0 ارب ڈالر کی رقم آئی، جو مالی سال23ء کے ابتدائی نو مہینوں کے 20.8 ارب ڈالر کی نسبت 0.9 فیصد زیادہ ہے۔

• مارچ 2024ء کے دوران ترسیلاتِ زر زیادہ تر سعودی عرب (703.1 ملین ڈالر)، متحدہ عرب امارات (548.5ملین ڈالر)، برطانیہ (461.5 ملین ڈالر)، اور ریاست ہائے متحدہ امریکہ (372.5 ملین ڈالر) سے موصول ہوئیں۔

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[FuturePAF]

Nation is being held hostage. Do you think we’ll just let our loved ones die out? This is so pathetic.

Does zakat money (sent through legal chancels) count in official figures as “remittances”?

 

[Pakistan Space Agency]

I think we are saying the same thing. Our loved ones back home are leveraged against us as a bargaining chip, or even used to blackmail us.

Strange logic.

Indians sent around $125 billion home in 2023. Do you think the overseas Indians also think their "loved ones back home are leveraged against them"?

 

[AZADPAKISTAN2009]

Pakistani Citizens are better off to Park their Money in Saudi Arabia Bank account or UAE bank account and let it grow with Saudi Arabia/UAE investments

Pakistan is not stable for investment

If people are sending back money due to Majboori that is understandable

 

[Hussain]

Does zakat money (sent through legal chancels) count in official figures as “remittances”?

Yes

 

[last-soul]

Strange logic.

Indians sent around $125 billion home in 2023. Do you think the overseas Indians also think their "loved ones back home are leveraged against them"?

The point is simple - if you have family back home with limited or no opportunities to survive on their own, then you really have no choice but to support them. This is regardless of your nationality.

 

[Hussain]

The point is simple - if you have family back home with limited or no opportunities to survive on their own, then you really have no choice but to support them. This is regardless of your nationality.

Unfortunately, rampant inflation has insured, that the middle class is thrust even lower.

 

[ghazi52]

Remittances in Pakistan decreased to 2250 USD Million in February from 2397 USD Million in January of 2024. Remittances in Pakistan averaged 1899.25 USD Million from 2002 until 2024, reaching an all time high of 3599.00 USD Million in September of 2012 and a record low of 906.00 USD Million in September of 2003.
source: State Bank of Pakistan

 

[ghazi52]

 

[ghazi52]

 

[ghazi52]

Pakistan receives record remittances of $3.24bn in May, up over 54% YoY​

• Inflows from Saudi Arabia, UAE, UK dominate overall amount

BR
June 7, 2024

Inflow of overseas workers’ remittances hit a record high of $3.243 billion in May 2024, 54.2% higher on a year-on-year (YoY) basis when compared to $2.103 billion in May 2023, showed data released by the State Bank of Pakistan (SBP) on Friday.

This is the highest figure on a monthly basis in Pakistan’s history.

On a month-on-month (MoM) basis, inflow of remittances registered an increase of 15.3% as the amount stood at $2.813 billion in April 2024, data showed.

“We believe this is due to Eid inflows and currency stability,” said Mohammed Sohail, CEO at brokerage house Topline Securities.

“We believe YoY growth in remittances will remain stronger in coming months in anticipation of currency stability, and led by expectations of the new International Monetary Fund (IMF) programme,” he added.

Home remittances play a significant role in supporting the country’s external account, stimulating Pakistan’s economic activity as well as supplementing the disposable incomes of remittance-dependent households.

 

[ghazi52]

During first 11 months of FY24, workers’ remittances recorded an inflow of $27.093 billion, an increase of 7.7% as compared to $25.146 billion remittances recorded during 11MFY23.

Breakdown

Overseas Pakistanis in Saudi Arabia maintained their top spot, remitting the largest amount in May 2024 as they sent $819.3 million during the month. The amount increased by 15% MoM and 56.4% YoY.

Inflows from the United Arab Emirates (UAE) rose on a monthly basis, from $542.5 million in April to $668.5 million in May. On a yearly basis, the remittances registered an increase of 99.1%, as compared to $335.8 million reported in the same month last year.

Remittances from the United Kingdom (UK) amounted to $473.2 million during May, an increase of 54.4% as compared to $306.4 million in the same month the previous year.

Remittances from the European Union (EU) surged 36.4% on a yearly basis as they amounted to $340 million in May 2024. On a monthly basis, they were up 14.1%.

Overseas Pakistanis in the US sent $359.5 million in May 2024, a YoY increase of 39.7% while jumping by 9% on a monthly basis.

 

[PakFactor]

Overseas Pakistanis need to boycott remittance and also stop any
investment in Pak until the mandate of the people is respected by
the Duffers in GHQ.

My family is in real estate development and molding manufacturing in Pakistan, besides Agriculture; no expansion or investment is going on; it's just people sending funds to sustain their families. Due to the inflation adjustment, more funds are needed to acquire the same goods previously.

It's a completely fucked situation, and don't be surprised if those foreign currency accounts are seized and in return people get rupees. Remember, the State Bank of Pakistan still has the clause, and it's never been removed, and the last time it was done was in the 1990s.