Karachi: Remittances sent home by overseas Pakistani workers fell to over two-year-low as dollar cap imposed to stabilise rupee against dollar by government earlier. It prompted illegal transfers through hundi, hawala and other channels. Data released by State Bank of Pakistan showed that remittances fell to $ 1.9 billion in January 2023, compared to $ 2.1 billion in December and $ 2.18 billion in January 2022.

Remittances dropped 9.9 percent month-on-month and 13.1 percent year-on-year, central bank data showed. With cumulative inflow of $ 16 billion during first seven months - July to January of FY23, remittances decreased by 11 percent compared to same period last year. Dollar cap was removed by end of January as per International Monetary Fund conditions to pave way for release of critical $ 1.1 billion loan tranche.

Published in The Daily National Courier, February, 14 2023

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