Workers’ remittances drop 8.6% MoM to $2.25bn in November

MG News | December 08, 2023 at 08:42 PM GMT+05:00

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December 08, 2023 (MLN): Workers' remittances have dropped by 8.63% MoM in November to $2.25 billion, compared to $2.46bn in the previous month, the latest data issued by SBP revealed today.

Meanwhile, on a yearly basis, workers' remittances increased by 3.56% YoY as compared to $2.17bn in the same month last year.

The inflows mainly came from Saudi Arabia, contributing $540.35 million, followed by the UAE with $409.36m, the U.K. with $341.68m, EU Countries with 268.31m, and the USA with 261.47m.

While on a cumulative basis, in 5MFY24, the total remittances stood at $11.05bn as compared to $12.32bn worth of inflows received in 5MFY23, depicting a fall of 10.33% YoY.

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