Remittances Decrease by Over 8% to $2.25 Billion in November

Remittances sent by overseas Pakistanis declined by 8.6 percent to $2.25 billion in November 2023 compared to inflows of $2.46 billion registered in October 2023, according to the data on remittances released by the State Bank of Pakistan (SBP) on Friday. However, on a year-on-year basis, the inflows in November 2023 increased by 3.5 percent over inflows of $2.17 billion registered in November 2022. A breakdown of the numbers shows that the highest inflows were registered from Saudi Arabia, coming in at $540 million, followed by the United Arab Emirates (UAE) at $409 million, the United Kingdom (UK) at $341.7 million, European Union (EU) countries at $268 million, and the United States (US) at $261.5 million. During the first five months (July-November) of the fiscal year 2023-24 (5MFY24), remittances stood at $11.04 billion, down 10 percent compared to remittances of $12.31 billion registered in the same period of the previous fiscal year. Moreover, remittances were down nearly 17 percent in 5MFY24 when compared to the same period of FY22.