In November 2023, remittances from overseas Pakistanis saw a decline of 8.6%, totaling $2.25 billion compared to the previous month’s inflow of $2.46 billion, as per data released by the State Bank of Pakistan (SBP) on Friday. However, on a year-on-year basis, November 2023 witnessed a 3.5% increase in inflows compared to the $2.17 billion recorded in November 2022.
Breaking down the numbers, the highest remittance inflows originated from Saudi Arabia, reaching $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.
For the first five months (July-November) of the fiscal year 2023-24 (5MFY24), remittances amounted to $11.04 billion, reflecting a 10% decrease compared to the $12.31 billion recorded during the same period in the previous fiscal year. Additionally, remittances were down nearly 17% in 5MFY24 compared to the corresponding period in FY22.
