Islamabad (Commerce Desk) Rising tensions in the Middle East between the United States and Iran are beginning to show visible effects on Pakistan’s economy, as monthly remittances sent by overseas Pakistanis have recorded a decline.
According to data released by the State Bank of Pakistan, overseas Pakistanis sent a total of $3.50 billion in April, compared to $3.83 billion in March.
The central bank reported that remittances from the United States, United Kingdom, Saudi Arabia, United Arab Emirates, and other Gulf countries declined by 4 to 11 percent. However, on a yearly basis, remittances still showed an increase of 11 percent.
During the first 10 months of the current fiscal year, Pakistan received a total of $33.86 billion in remittances, which is 8 percent higher compared to the same period last year.
According to the data, the highest inflow in April came from Saudi Arabia at $842 million. Overseas Pakistanis in the United Arab Emirates sent $735 million, while $564 million came from the United Kingdom and $320 million from the United States.
