LAHORE MIRROR — Inflows of workers’ remittances registered a sharp decline of 13 percent during the first 11 months of this fiscal year (FY23).
The State Bank of Pakistan (SBP) Tuesday reported that, on a cumulative basis, Pakistan received home remittances amounting to $24.83 billion during July-May of FY23 compared to $28.49 billion in the same period of the last fiscal year, showing a decline of $ 3.66 billion.
During the period under review, with 25 percent share, Saudi Arabia is the largest contributor in the overall home remittances inflows. However, cumulatively, inflows from Saudi Arabia fell by 16 percent to $6 billion in the first eleven months of this fiscal year down from $7 billion in same period of last fiscal year.
In addition, during July-May of FY23, remittances from the United Kingdom were $3.711 billion, decline by 8 percent, USA $2.8 billion, up by 1 percent, United Arab Emirates (UAE) $4.32 billion, down by 19 percent and inflows from EU fell by 7.7 percent to $ 2.8 billion.
