Overseas workers’ remittances to Pakistan hit $2.3 billion

WEB DESK: In the last month, overseas workers’ remittances to Pakistan reached $2.3 billion, as reported by the State Bank of Pakistan (SBP).

The SBP noted an 8.6 per cent decrease in remittances on a month-on-month basis but a 3.6 per cent increase on a year-on-year basis.

Comparatively, remittances in October 2023 were $2.463 billion, and in November 2022, they stood at $2.173 billion.

For the first five months of fiscal year 2023–24, worker remittances amounted to $11.045 billion, marking a 10.3 per cent decrease from the $13.287 billion recorded during July–November 2022–23.

The major sources of remittances in November 2023 were Saudi Arabia ($540.3 million), the United Arab Emirates ($409.4 million), the United Kingdom ($341.7 million), and the United States of America ($261.5 million).

Additionally, overseas Pakistanis in Bahrain sent $33.6 million, Kuwait $61.5 million, Qatar $70.9 million, Oman $76.5 million, Germany $44.3 million, France $39.2 million, the Netherlands $4.3 million, Spain $45.5 million, Italy $71.9 million, Greece $32.8 million, Sweden $6.9 million, Denmark $5.6 million, Ireland $9.6 million, and Belgium $8.2 million during the same period.

Similarly, workers from Malaysia, Norway, Switzerland, Australia, Canada, and Japan sent $8.9 million, $7.7 million, $3.8 million, $53 million, $35.5 million, and $4.2 million, respectively.

Remittances from South Africa amounted to $14.1 million, and from South Korea, they stood at $8.7 million. Additionally, $50.8 million was received from other countries during the review month.

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