Workers’ remittances recorded an inflow of $2.5 billion during July 2022, continuing their record of above $2 billion for 26 consecutive months.

SBP statement issued on Tuesday said that in terms of growth, during July 2022 the remittances decreased by 8.6 percent on month-on-month and of 7.8 percent on yearly basis. This decrease largely reflected the lower number of working days in July as a result of Eid, at 17 working days compared to 22 last month and 18 in July 2021.

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Remittances inflows during July 2022 were mainly sourced from Saudi Arabia ($580.6 million), the United Arab Emirates ($456.2 million), the United Kingdom ($411.7 million) and the United States of America ($254.3 million).

It is pertinent to mention here, Pakistani rupee is appreciating against the dollar after expectation of IMF tranche release and increase in inflows of workers’ remittances.

The rupee recorded upward trend for the previous few days recently.