Workers’ remittances decline by 6.8% in FY2023-24: SBP

Remittances sent home by overseas Pakistani workers declined by 6.8 per cent and reached $13.435 billion in the first six months of FY2023-24, ARY News reported on Wednesday quoting the State Bank of Pakistan (SBP).

According to the data provided by State Bank of Pakistan (SBP), the inflow of overseas Pakistani workers’ remittances clocked at $13.435 in the first six months of the ongoing fiscal year as compared to $14.418, during the same corresponding period of last fiscal year.

In December 2023, workers’ remittances recorded an inflow of US$2.4 billion.
For details see https://t.co/rPOvn9Dr8Nhttps://t.co/7XBd4uOcHC#SBPRemittances pic.twitter.com/nXXRbkXOc5

— SBP (@StateBank_Pak) January 10, 2024

The data released by the central bank showed $2.38 bln in December 2023.

Read more: Workers’ remittances record inflow of $2.3 b in November

The SBP data shows, that overseas Pakistani workers in Saudi Arabia remitted $570.76 million, United Arab Emirates (UAE) sent $410.92 million, $360.80 million from United Kingdom (UK) and $260.39 million from the United States (US).

Earlier it was reported that the inflows of remittances were recorded $2.463 billion in October 2023 and $2.173 billion in November 2022.

Workers’ remittances during the first five months of the fiscal year 2023-24 were recorded as $11.045 billion against $13.287 billion during July-November 2022-23, depicting 10.3% decrease.