Workers’ remittances drop to $2.1bn in May

MG News | June 13, 2023 at 04:04 PM GMT+05:00

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June 13, 2023 (MLN): Workers' remittances for the month of May registered a decrease of 4.4% MoM to $2.1 billion, compared to $2.196bn in April 2023, data issued by SBP revealed today.

Similarly, on a yearly basis, the remittances have dropped by 10.4% YoY as compared to $2.34bn in May 2022.

The inflows mainly came from Saudi Arabia, the United Arab Emirates, the United Kingdom, and the United States of America, with Saudi Arabia being the largest contributor at $524 million.

It is worth noting that the cumulative inflow for the eleven months of FY23 clocked in at Rs24.832bn, plummeting by $3.657bn or 12.8% YoY compared to the same period last year.

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