KARACHI: Inflows of worker’s remittances posted a decline of over 10 percent during the first five months of this fiscal year (FY24).

The State Bank of Pakistan (SBP) on Friday reported that Pakistan received home remittances amounting to $11.045 billion in July-Nov of FY24 compared to $12.318 billion in the same period of last fiscal year (FY23), depicting a decline of $1.273 billion.

Home remittances from Saudi Arabia fell 12 percent or $363 million to $ 2.673 billion in the first five months of this fiscal year down from $3.041 billion in the same period of last fiscal year. However, Saudi Arabia is the largest contributor in the overall inflows arrived during this fiscal year.

During the period under review, home remittances from the United Kingdom fell by 3.6 percent to $ 1.619 billion. In addition, inflows of workers’ remittances from the United States of America stood at $1.312 billion, down 4.4 percent July-Nov of FY24.

Monthly basis, in terms of growth, during Nov 2023, remittances decreased by 8.6 percent compared to Oct 2023. With a decline of $ 213 million, workers’ remittances recorded an inflow of $2.250 billion in Nov 23 as against $ 2.463 billion in October.

However, Year on Year (YoY) basis, inflows of worker remittance registered an increase of 3.6 percent in Nov 2023 compared to Nov 2022, in which the country fetched workers’ remittances worth $ 2.173 billion.

Remittance inflows during Nov 23 were mainly sourced from Saudi Arabia $540.3 million, United Arab Emirates $409.4 million, United Kingdom $341.7 million and United States of America $261.5 million.

Copyright Business Recorder, 2023