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Workers’ remittances drops by 23.74% YoY to $2.1bn in August

Repatriation of profit surges to $694m in 7MFY24
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September 11, 2023 (MLN): Workers' remittances have decreased by 23.74% YoY in August to $2.09 billion, compared to $2.74bn in the same month of last year, the latest data issued by SBP revealed today.

Meanwhile, on a monthly basis, workers' remittances inched up by 3.15% MoM as compared to $2.03bn in July.

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 $490.1 million.

While on a cumulative basis, in 2MFY24, the total remittances stood at $4.12bn as compared to $5.26bn worth of inflows received in 2MFY23, depicting a fall of 21.57% YoY.

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Posted on: 2023-09-11T15:57:23+05:00