Workers’ Remittances drop by 25.4% MoM to $2.3bn in May

MG News | June 10, 2022 at 04:08 PM GMT+05:00

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June 10, 2022 (MLN): Workers' remittances have continued to remain above the $2 billion mark since June 2020. However, in terms of growth, remittances decreased by 25.4 percent on an MoM basis and 6.9 percent on a YoY basis, largely reflecting the usual seasonal post-Eid decline and associated long holidays, the central bank data showed today.

Cumulatively, at $28.4bn, remittances have grown by 6.3 percent YoY during the first 11 months of FY22.

In May 2022, remittances were mainly sourced from Saudi Arabia ($542 million), the United Arab Emirates ($435 million), United Kingdom ($354 million) and the United States of America ($233 million).

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