Home Remittances from Overseas Pakistanis dropped by 9 % in November 2023

Engineering Post Report

Remittances sent by Overseas Pakistanis back home to their families through proper official channels keep fluctuating and    dropped  by 9 percent  in November2023  as compared to the previous month of October 2023.

Overseas Pakistanis  residing and working in a large number of foreign  countries sent $ 2.2 billion  in remittances through the official channel of State Bank of Pakistan in November 2023 showing a marginal increase of  4 percent   from the same month. However, This showed a 9 percent decrease on a month-to-month basis  from October 2023.

The main sources of workers remittances  in November 2023 were  Saudi Arabia $ 540.3 million,  the United States of  Arabia (UAE)  $ 409.4 million, the United Kingdom (UK) $ 341.7 million and the USA $ 261.5 million. Inflow of Overseas Pakistani workers remittances back home was recorded  at $ 11 billion during the first  five months of  the current financial year July to November 2023. This showed  a 10 percent decrease as compared to the   corresponding period of the last financial year 2022-23.