ISLAMABAD: Remittances sent by overseas Pakistanis workers posted a decline of 10.4 percent on a year-on-year basis to $2.102 billion in May, ARY News reported on Wednesday, citing data shared by State Bank of Pakistan (SBP).
According to the data, the workers’ remittances posted a decline of 12.84 percent during first eleven months of fiscal year 2022-23 as the remittances fell from $28.489 billion in July-May of FY22 to $24.831 billion in the period under review.
On a year-on-year basis, the overseas workers’ remittances recorded an inflow of US$ 2.102 billion in May 2023, posting a decrease of 10.40pc as compared with the same month of the previous year’s inflow of $ 2.346 billion.
On a month-on-month basis, the remittances also decreased by 4.36pc from $2.198 billion in April 2023 to $2.102 billion in April 2023.
According to the remittances’ inflows during May 2023 were mainly sourced from Saudi Arabia ($524 million), the United Arab Emirates ($335.8 million), the United Kingdom ($306.5 million) and the United States of America ($257.2 million).
During the corresponding month, the overseas Pakistanis living in Bahrain sent $35 million, from Kuwait $65.1 million, from Qatar $72.6 million whereas $78 million were dispatched from Oman.
Read More: Workers’ remittances decline 29pc YoY to $2.2bn in April
Similarly, the inflows from Germany, France, Netherlands, Spain, Italy, Greece, Sweden, Denmark, Ireland, and Belgium were recorded at $44.3 million, $36.6 million, $4.1 million, $39.7 million, $67.8 million, $28 million, $5.5 million, $5.7 million, $8.7 million and $8.9 million respectively.
Likewise, from Malaysia, Norway, Switzerland, Australia, Canada, and Japan, the workers dispatched $7.4 million, $6.6 million, $3.8 million, $43.1 million, $39.2 million, and $6.1 million respectively.
Remittances from South Africa during the month under review stood at $11.2 million while that from South Korea stood at $7.7 million. Similarly, $54.1 million were received from other countries.
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