Pakistan's remittances declined 4.8% in November, says central bank

State Bank of Pakistan says remittances sent by overseas Pakistani workers decreased 4.8% in November on a month-on-month basis

The State Bank of Pakistan (SBP) said that the country's remittances sent by overseas Pakistani workers decreased 4.8 per cent in November on a month-on-month basis.

The workers' remittances recorded an inflow of $2.1 billion in November, compared to the previous month's figure of $2.2 billion, and marked a decrease of 14.3 per cent year-on-year, Xinhua news agency quoted the latest data issued by the SBP.

With a cumulative inflow of $12 billion during the July-November period in the fiscal year of 2023, the remittances decreased by 9.6 per cent as compared to the same period last year, the figures showed.

 

Last month, the remittances mainly came from Saudi Arabia with $498 million, the United Arab Emirates with $377.8 million, Britain with $299.1 million, and the US with $229.4 million, according to the central bank.

Workers' remittances play an important role in Pakistan's economy as they are one of the major sources of foreign exchange.

--IANS

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