KARACHI: Remittances sent home by overseas Pakistani workers continued to decline, as they hit a record low of $2.108 billion in November 2022, a drop of 14.3 percent on a year-on-year basis.
According to the data provided by State Bank of Pakistan (SBP), the inflow of overseas Pakistani workers’ remittances clocked at $2.108 billion in November 2022 against $2.460 billion in the same month last year.
The inflow in November is also the third successive month-on-month decline. Meanwhile, the remittances fell 4.8% on a month-on-month basis, as they amounted to $ 2.215 billion in October 2022.
“On a cumulative basis, the inflow of remittances during the July to November period of the fiscal year 2022-23 stood at $12 billion, 9.6% lower than $13.28 billion in the same period of the previous fiscal year,” the SBP added.
As per SBP data, overseas Pakistanis workers in Saudi Arabia remitted the single largest amount in November 2022 as they sent $498 million during the month. This was 20% lower than the $622 million in the same month of the previous year.
Meanwhile, remittances from the United Arab Emirates amounted to $378 million, a decline of 20% compared to $475 million in November 2021. Inflows from the United Kingdom fell 5% as they declined from $314 million in November 2021 to $299 million in October 2022.
Moreover, remittances from the European Union countries dropped 8% as they amounted to $245 million in November 2022. Overseas Pakistanis in the US sent $229.4 million in November 2022, registering a year-on-year decline of 6%.
