KARACHI; Dec 14,2022: The State Bank of Pakistan (SBP) on Wednesday issued the statement on the workers’ remittances in November 2022.
According to the central bank’s statement the workers’ remittances recorded an inflow of US$2.1 billion during Nov 22.
It added that
in Nov 2022, remittances decreased by 4.8 percent on m/m and by 14.3 percent on y/y basis.
With cumulative inflow of US$ 12 billion during Jul-Nov FY23, the remittances decreased by 9.6 percent as compared to the same period last year.
sharp decline in the workers remittances is a .negative development and it should be taken as an alarm bell by the economic team of prime minister , Shahbaz Sharif. Major decline in remittances are simply going to add to Pakistan’s economic woes.
The remittances inflows during Nov 2022 were mainly sourced from Saudi Arabia ($498 million), United Arab Emirates ($377.8 million), United Kingdom ($299.1 million) and United States of
America ($229.4 million).