Remittances increased by 4% YoY to $2.3 billion in November 2023

BusinessRemittances increased by 4% YoY to $2.3 billion in November 2023

ISLAMABAD, Pakistan: The remittances sent by Overseas Pakistanis increased by 4 percent Year on Year (YoY) to US$ 2.3 billion during November 2023 compared to US$ 2.2 billion during November 2022.

However, on month-on-month (MoM) basis, the remittances fell by 9 percent.


The latest statistics released by the State Bank of Pakistan showed that the Overseas Workers sent remittances amounting to US$ 2,250.5 million in November 2023 against US$ 2,463.1 million of the previous month (October 2023).

The remittances in the first five months of the Fiscal Year 2024 (July-November) went down by 10 percent to US$ 11,045.2 million as compared to US$ 12,317.9 million in the FY 2023.

Share of remittances in November 2023 from the United States remained US$ 261.5 million, United Kingdom US$ 341.7 million, Saudi Arabia US$ 540.3 million, the United Arab Emirates (UAE) US$ 409.4 million, other GCC Countries US$ 242.5 million, and EU Countries US$ 268.3 million.

During the period, US$ 8.9 million were received in remittances from Malaysia, US$ 7.7 million from Norway, US$ 3.8 million from Switzerland, US$ 53.0 million from Australia, US$ 35.5 million from Canada, US$ 4.2 million from Japan, US$ 14.1 million from South Africa, US$ 8.7 million from South Korea, US$ 50.8 million from other Countries.

Mati-Ullah is the Online Editor For DND. He is the real man to handle the team around the Country and get news from them and provide to you instantly.

Must read

Recent News

Interbank Dollar Rate Today in Pakistan – 22 February 2024

Interbank Exchange Rates in Pakistan The Interbank Closing Exchange Rate in Pakistan has been issued by the State Bank of Pakistan (SBP) for February 22,...

Pakistan Middle East Trade Development Conference 2024 held at Pakistan Association Dubai

ABU DHABI, UAE: Pakistan’s Ambassador to the United Arab Emirates (UAE) Faisal Niaz Tirmizi and Chief Executive of the Trade Development Authority of Pakistan...

Exports of Pakistani food group items to cross $7 billion by end of FY24:...

ABU DHABI, UAE: The Chief Executive of the Trade Development Authority of Pakistan (TDAP) Muhammad Zubair Motiwala visited Pakistan Pavilion at the ongoing Gulf...
US visa interview waiver eligibility

USAID, NRSP & APWUC to Organize ‘International Conference on Breaking Barriers through Diversity and...

The United States Agency for International Development (USAID), in collaboration with National Rural Support Programme (NRSP) and the All-Pakistan Women Universities Consortium (APWUC), would...

AUD to INR: Australian Dollar to Indian Rupee Today – 22 February 2024

The Australian Dollar (AUD) was trading at 54.43 as per the Indian Rupee (INR) on Thursday.Currently, Indians are now the second-largest migrant group in...