Remittances recorded as US$2.3 bn in Nov, reduced by $1.27bn to Jul-Nov FY23

The State Bank of Pakistan in a press release revealed the Workers’ remittances for the month of November at US$2.3 billion.

In terms of growth, during Nov 23, remittances decreased by 8.6 percent on m/m and increased by 3.6 percent on y/y basis. The remittances were $2.17bn in the same month of the previous year (Nov 22), while in Oct 2023, remittances were $2.46bn.

During July-Nov FY24, total inflows were $11.045 billion, compared to $12.317bn in the same period of the previous fiscal year, losing $1.272bn.

The SBP stated that remittances inflows during Nov 23 were mainly sourced from Saudi Arabia ($540.3 million),United Arab Emirates ($409.4 million), United Kingdom ($341.7 million) and United States of America ($261.5 million).