F.P. Report
ISLAMABAD: The overseas workers’ remittances posted a decline of 12.84 percent during first eleven months of fiscal year 2022-23 as the remittances fell from $28.489 billion in July-May of FY22 to $24.831 billion in the period under review.
On a year-on-year basis, the overseas workers’ remittances recorded an inflow of US$ 2.102 billion in May 2023, posting a decrease of 10.40 percent as compared with the same month of the previous year’s inflow of $ 2.346 billion, according to the latest data released by State Bank of Pakistan (SBP) on Tuesday.
On a month-on-month basis, the overseas workers’ remittances also decreased by 4.36 percent from $2.198 billion in April 2023 to $2.102 billion in April 2023.
According to the remittances’ inflows during May 2023 were mainly sourced from Saudi Arabia ($524 million), the United Arab Emirates ($335.8 million), the United Kingdom ($306.5 million) and the United States of America ($257.2 million).
