Remittances tumble by 29pc in April

Remittances being sent by overseas Pakistanis fell by 29.2 per cent in April compared to April 2022 while it declined by 13pc during the first 10 months of the current fiscal year. The State Bank of Pakistan reported on Wednesday that Pakistan received $2.21 billion in April against $3.124bn in the same month last year showing a decline of 29.2pc while dipped by 12.8pc when compared with $2.536bn sent in March. The decline in April disappointed market experts who were expecting improved remittances due to Ramazan-related higher inflows. During the holy month, 15 to 20pc higher remittances are normal for the country but it was shocking particularly when Pakistan needs dollars to avert a default-like situation. Pakistan lost $3.4bn in 10 months due to exchange rate issues The remittances declined by $3.4bn or 13pc to $22.741bn during July-April FY23 compared to $26.143bn in the same period last year. The loss of $3.4bn is much higher than the amount Pakistan has been begging from IMF for the last eight months despite fulfilling all preconditions the $1.1bn tranche has yet not been released.