State Bank of Pakistan (SBP) reported on Wednesday that despite severe economic turmoil, remittances from Pakistani workers abroad continued to fall and reached $2.108 billion in November 2022, a 14.3% decline from the previous year.
State Bank of Pakistan (SBP) data show that in comparison to $2.460 billion in the same month last year, remittances from Pakistanis working abroad were $2.108 billion in November 2022.
Additionally, the inflow for November decreased month over month for the third time in a row. The remittances, which totalled $ 2.215 billion in October 2022, decreased 4.8% month over month.
“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%.
