Pakistan received $150bn in remittances in five years

Business National

The country received $150 billion in remittances during the five years from 2017 to 2022 and was ranked fifth among the top remittances-receiving countries in 2022.

This was revealed in the 2nd Albaraka Regional Conference over the role of home remittances held on Monday.

According to the Saleh Kamel Islamic Economy Database, Pakistan received around $150bn in home remittance from 2017 to 2022. This ranks Pakistan fifth among the top remittance-receiving countries in 2022, with $29.9bn coming into the country that year. Global remittances reached $758bn in 2022, with OIC countries receiving 25.5 per cent, or $193bn, of this amount.

Home remittances are crucial for Pakistan as they constituted 33pc of total imports, making it the second highest among OIC countries and fifth globally in 2022.

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