Inflows of home remittances posted a decline of 22 percent during the first two months of this fiscal year (FY24), the State Bank of Pakistan (SBP) reported on Monday.
According to the SBP, Pakistan received workers’ remittances amounting to $ 4.12 billion in July-Aug of FY24 compared to $ 5.25 billion in the same period of last fiscal year (FY23), depicting a massive decline of 21.6 percent or $ 1.13 billion.
Inflows of home remittance from all major corridors witnessed declining trend. Remittances from Saudi Arabia-the largest contributor in overall inflows, fell 23 percent to $ 977 million in the first two months of this fiscal year. During the period under review, inflows from United States of America (USA) and United Kingdom (UK) dropped by 7.6 percent and 18 percent to $ 504 million and $ 638 million respectively.
