Workers’ remittances record inflow of $2.3 b in November

KARACHI: The overseas workers’ remittances recorded an inflow of $2.3 billion during last month, ARY News reported quoting the State Bank of Pakistan (SBP).

“In terms of growth, the remittances decreased by 8.6 percent on month on month basis and increased by 3.6 percent on year on year basis,” the SBP said.

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.

Remittances inflows during November 2023 were mainly sourced from 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).

During the last month, the overseas Pakistanis living in Bahrain sent $33.6 million, Kuwait $61.5 million, Qatar $70.9 million and 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.

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

Remittances from South Africa during the month under review stood at $14.1 million while that from South Korea stood at $8.7 million. Similarly, $50.8 million were received from other countries.