The State Bank of Pakistan (SBP) announced on Friday a significant 8.6% decrease in remittances sent by overseas Pakistani workers in November, compared to the previous month. The total remittances for November amounted to $2.2505 billion, a drop from October’s $2.4631 billion.
In the first five months of the current fiscal year, which began in July 2023, Pakistan has received a cumulative inflow of $11.0452 billion in remittances. The SBP’s data highlights the continued reliance of Pakistan’s economy on these funds.
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Saudi Arabia was the largest contributor last month, with remittances totaling $540.3 million. This was followed by the United Arab Emirates at $409.4 million, Britain with $341.7 million, and the United States contributing $261.5 million.
Overseas remittances are vital to Pakistan’s economy, serving as a major source of foreign exchange. The recent decrease in remittances could pose challenges to the country’s economic stability.