During the first 7 months of FY22, remittances have risen to a record $18 billion, 9.1% higher than the same period last year. At $ 2.14 billion in January 2022, workers’ remittances remained above $2 billion for the 20th consecutive month.

Remittances declined by 5% compared to January 2021, partly reflecting an easing of travel restrictions. Compared to the previous month, they fell by 14.9% due to seasonality.

The breakdown shows remittance inflows during January 2022 were mainly sourced from Saudi Arabia ($540 million), United Arab Emirates ($374 million), United Kingdom ($320 million) and United States of America ($208 million).