Remittance inflow rises 7.9% month-on-month in August FY23.

Islamabad -- Remittance inflow from overseas Pakistanis raised 7.9% on a month-on-month basis in August of the fiscal year 2023, the State Bank said in a report on Tuesday.

According to SBP's monthly report on the status of workers' remittances, inflows amounting to $2.724 billion were received in August of FY23, compared to $2.5 billion received in July. On an MoM basis, that is a 7.9% increase.

DURING AUG 22, WORKERS' REMITTANCES ROSE TO US$2.7 BILLION, UP 7.9% COMPARED TO THE PREVIOUS MONTH AND 1.5% COMPARED TO AUG 21.HTTPS://T.CO/RPOVN9CTJFHTTPS://T.CO/7XBD4UNES4 PIC.TWITTER.COM/LPQRKIIBBB

Meanwhile, on a year-on-year basis, the total remittance inflows increased by 1.5%, compared to $2.682 billion received in August of FY22.

Cumulatively, however, the first two months (July and August) of the ongoing fiscal year witnessed a drop of 3.15% in remittance inflow compared to the same period last year. Inflows, which currently stand at $5.247 billion, were $5.418 billion...